Assessee, engaged in manufacturing and printing of packaging material, purchased land for development/construction of gala (industrial building) on same under an agreement. It earned profit on sale of gala and treated it as business income on ground that said agreement was only in respect of development rights and ownership did not pass on to assessee.  However, Tribunal after examining terms of said agreement treated profit earned by assessee as short-term capital gain on ground that assessee had purchased said land along with rights and it was an outright purchase. High Court affirmed the order of Tribunal. (AY.  2010-11)