The assessee sold three flats and a parking lot. AO treated the\u00a0 gain as business income. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0 the assets appeared under \u201dinvestments\u201d 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 \u201dCapital gains\u201d was correct. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains\u2013Business income\u2013Selling three flats and parking lot-Flats appearing in the balance sheet as investments\u2013Assessable as capital gains and not as business income.[S. 28 (i)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10944","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Qw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10944"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10944\/revisions"}],"predecessor-version":[{"id":10945,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10944\/revisions\/10945"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}