Assessee purchased a land and subsequently entered into an agreement for sale of land and received sale consideration.  Assessing Officer treated income arising from property as business income and not as capital gain. Tribunal however held that transaction was a capital transaction and had to be treated as long-term capital gain and not as business income. On appeal by the revenue the Court held that  it was found that in accounts up to year 2004, property was mentioned as an asset and from perusal of enteries in accounts it was evident that assessee had not conducted any other activity other than holding land as investment. Tribunal on basis of meticulous appreciation of evidence on record had recorded a finding that assessee had rightly disclosed income from property as long-term capital gains instead of business income. Order of Tribunal is affirmed. (AY.  2005-06)