Profit from sale of land recognized as an investment in books of account is taxable as capital gains: ITAT

INCOME TAX : Where assessee sold a land owned by it after holding it for a period of six years and same was shown as investment in its balance sheet and not as stock-in-trade and land was purchased out of its own funds and not out of borrowed funds, transaction of sale of land did not fall under category of an 'adventure in nature of trade' and, thus, profits arising on sale of land was to be treated as 'capital gains' and not as 'business income'

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