Assessee along with seven co-owners had purchased a land in 2006.  Assessee along with very same seven co-owners established a partnership firm. Thereafter, co-owners entered into a development agreement with their own partnership firm to develop said land and construct 18 bungalows.  Assessee had shown long-term capital gain (LTCG) on sale of said land.  Assessing Officer held  that land was purchased for business purpose for developing a commercial project, therefore, he treated said profits arose on transfer of land as business income and also denied claim of exemption under section 54F made by assessee. CIT(A) up held the addition. On appeal the Tribunal held that  the  assessee along with seven co-owners had purchased another parcel of land in 2014 and constituted another partnership firm with same set of co-owners and engaged in business of land development.  This clearly established motive, intention and interest of assessee in doing real estate business. It was further noted that moment when assessee had entered into development agreement, value of land increased.  Assessee was liable to file wealth tax return but assessee never filed wealth tax return. The  said piece of land was treated by assessee as stock-in-trade and no question of capital gain arose in said set of facts. On facts, impugned order treating LTCG shown by assessee as business income and denying claim of deduction under section 54F to assessee is  upheld.  (AY. 2015-16)