The assessee sold three flats and a parking lot. AO treated the  gain as business income. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that  the assets appeared under ”investments” in the balance-sheet of the assessee. The character of a transaction cannot be determined solely on the application of any abstract rule, principle or test but must depend upon all the facts and circumstances of the case. If the assessee, even at the time of acquisition, had a clear intention to resell it, that would be material but not a decisive consideration. On the totality of the facts and circumstances of the case, the treatment given by the assessee in his return as gains/loss from sale of such flats under the head ”Capital gains” was correct. (AY.2013-14)