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Profit from sale of land after converting it into various plots not taxable as business profit: HC

September 5, 2019[2019] 108 224 (Rajasthan)/[2019] 414 ITR 565 (Rajasthan)

INCOME TAX : Where AO held that profit arising from sale of land was business income of assessee because he had divided said land into plots after providing space for infrastructural facilities, in view of that Assessing Officer had not brought on record any permission by assessee from Municipal Authorities or any of Government Authorities to act as a colonizer and, moreover, mere development of infrastructual facilities to make land saleable would not change intention of assessee in absence of any other material contrary to facts, impugned order was to set aside and profit in question was to be taxed as capital gain

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