Monday 28 November 2011

ITO v Chandar HUF (2011) Chennai Tribunal

A person makes investment in agricultural land within limits of town panchayats, and agricultural income was shown and declared year after year. Permission was sought to develop lands. No further action, was taken for over 12 years till date of sale, and entire land is sold after its value appreciated, it would not become adventure in the nature of trade.

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