18 December 2016
I have inherited a land from my father in will and sold it after more than 30 years in parcels without doing any development in form of road or drainage. But I have left a way so that each plot can be accessed. And invested proceeds in residential house to offset capital gain. Now AO is asking me that he will consider it as business income since as per him I have done plotting and its a business activity. Kindly suggest if I am correct or not. Kindly give me links for cases in Supreme and High courts for proving my point.
CAclubindia
