Dismissing the appeal of the revenue ; the Tribunal held that ; profit on sale of share is assessable as capital gains and not as business income , though the other Co -Owner showing the land as stock in trade in their books of account . Entitle to deduction u/s 54F of the Act.( AY.2006-07)
DCIT v. Arjun Puri. (2018) 66 ITR 33 / 172 ITD 29 (Delhi) (Trib.)
S.45: Capital gains- Business income- Co -owner –land as investment -One of the Co -0wener showing the land as stock in trade -Profit on sale of share is assessable as capital gains and not as business income .[ S.28(i) ,54F ]