ITAT rightly held that gain from sale of land as capital gain income as assessee didn’t conduct any other activity

INCOME TAX : Where assessee had not conducted any other activity other than holding land as investment, finding recorded by Tribunal that transaction of sale of land was a capital transaction and income therefrom had to be treated as long-term capital gain and not business income was neither perverse nor arbitrary

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194246/itat-rightly-held-that-gain-from-sale-of-land-as-capital-gain-income-as-assessee-didn’t-conduct-any-other-activity.aspx