Capital Gain
This query is : Resolved
25 August 2009
I have an ansistral Property (Agriculture Land) since before 1981, In the year 2003 i got it converted into Plots (for which i incurred some expenditure) later in the year 2003, 2004, 2005 i sold the plots, i had calculated the income from these property under the head capital gain and paid the tax, but assessing officer know wants to tax it UNDER THE HEAD INCOME FROM BUSINESS OR PROFESSION ( He says as exp. is made on conversion of Agri-Land into Non-Agri-Land there fore it is adventure in the nature of trade)
Is there any case laws for me to prove that the above income is chargable under the head Capital Gains
Is there any case laws for me to prove that the above income is chargable under the head Capital Gains
Aditya Maheshwari
(Expert)
25 August 2009
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