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Sale of land jointly held with co. not taxable as business profit just because Co. held land as stock-in-trade

August 10, 2018[2018] 96 12 (Delhi - Trib.)/[2018] 66 ITR(T) 33 (Delhi - Trib.)/[2018] 172 ITD 29 (Delhi - Trib.)

IT : Where assessee, a co-owner of piece of land with a company in which he was a director, sold said land and offered income arising therefrom as capital gain, in view of fact that assessee had purchased land in his own name and, moreover, he was not involved in any trade or business to deal in lands, mere fact that company kept its share in land as stock-in trade, would not a reason to bring assessee's income to tax as business income

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