Firm purchased a vacant land along with another firm by making equal contribution of investment. Land was retained for 34 months and later both assessee and co-owner entered into a partition deed. In partition, assessee got excess land than co-owner. The Assessing Officer assessed the excess land received as an extra benefit and same was chargeable to tax under section 28(iv) of the Act. On appeal the Tribunal held that the land was shown as capital asset and it remained as capital asset till its partition.-No business activity was carried on by co-owners. Therefore   extra land received by assessee on partition cannot be assessed as business income u/s 28 (iv) of the Act. (AY. 2014-15)