Profit from sale of plots was business income if residential housing plot scheme was floated after purchase of land

INCOME TAX : Where assessee purchased land and put up residential housing plot scheme on said land while providing for common infrastructure and internal roads, such organized course of commercial exploitation of land would fall within ambit of expression 'business' as defined under section 2(13) and, thus, income arising from sale of plots of land would be considered as business income and not short term capital gain

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