Court held that the Tribunal was right in holding that the sale of land by the assessee was not in the nature of business and therefore the sale consideration could not be treated as business income. The transaction which took place and the land which was sold ultimately was in the name of the assessee. It was the prerogative of the assessee how to dispose of the property. If the property was not transferred to any other entity, it would not go into his account.
CIT v. Hazarilal Goyal (Deceased) (2019) 414 ITR 565 (Raj)(HC) Editorial: SLP of revenue is dismissed CIT v. Hazarilal Goyal (Deceased)( 2018) 406 ITR 32 (St)
S. 45 : Capital gains–Business income-Sale of land assessable as capital gains. [S. 4, 28(i)]