Held that land was borrowed from own funds and it was shown as a part of investment in books of account. Realization of investments would not amount to adventure in nature of trade. Mere fact that assessee had generated huge profit ipso facto was not enough to infer that transaction was in nature of adventure in trade. Gains assessable as capital gains. (AY. 2013-14)
JCIT v. Adrus Estate and Properties LLP. (2021) 191 ITD 166 / 213 TTJ 1 (UO) (Pune)(Trib.)
S. 45 : Capital gains-Land dealings-Stock in trade-Shown as investment for seven years-Assessable as capital gains and not as business income. [S. 2(13), 28(i)]