INCOME TAX : Where AO after issuing several notices to assessee and conducting detailed hearings concluded that plots of land were purchased and sold by assessee within maximum period of 20 months and it showed that assessee was engaged in real estate business and, thus, income earned by it on sale of plots of land was to be assessed as business income and not as capital gain, impugned invocation of revision jurisdiction was unjustifiedINCOME TAX : Where AO after issuing several notices to assessee and conducting detailed hearings concluded that plots of land were purchased and sold by assessee within maximum period of 20 months and it showed that assessee was engaged in real estate business and, thus, income earned by it on sale of plots of land was to be assessed as business income and not as capital gain, impugned invocation of revision jurisdiction was unjustifiedwww.taxmann.com Latest Case LawsRead More
