Dismissing the appeal of the revenue the Court held that land had been shown as investment in assessee’s books of account. Moreover Inspector who was deputed by Assessing Officer to verify correctness of assessees’s claim found that land was being held as an investment as no construction activity was carried out on same. Accordingly Tribunal was justified  in  treated income received on sale of non-agricultural land as long-term capital gain instead of business income.  (AY. 2008-09)