Activity of selling various small properties acquired from sale of land couldn't be treated as business activity

INCOME TAX : Where assessee after sale of land invested sale consideration in many small properties out of which he further sold certain properties for reason that he was not expecting much gain from them and retained rest of properties for long term, it could not be said that assessee was doing regular business in sale and purchase of immovable property so as to treat gain on sale of properties as business income instead of long term capital gain

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