Section 28(i) of the Income-tax Act, 1961—Business income— Proceeds from transaction of sale and purchase of properties was rightly assessed under the head business income as it is not a case of sale of a solitary property, by way of a one off transaction and it was a regular business activity of assessee

Facts: Being aggrieve of the order Tribunal, assessee went on appeal before High Court and raised the question of law that "(i) Whether Tribunal was right in holding that transaction is a business transaction when there was only one transaction and not series of transactions? and (ii)Whether Tribunal has correctly interpreted the provisions of Section 2(14) of the Income-tax Act? "

Held, that the main issue involved in this appeal is whether the proceeds from sale of the properties vide sale deed dated 13-7-2006 can be regarded as income from business or not. The business of the assessee very specifically includes buying and selling properties situated in various places in Goa either wholly or in plots. Considering the wide phraseology employed, it is obvious that the business of the assessee includes buying and selling even agricultural properties. Accordingly, we are unable to accept that the sale of the properties by the assessee vide sale deed dated 13-7-2006 has no nexus with the business of the assessee. This is not a case of sale of a solitary property, by way of a one off transaction. This material is more than sufficient to sustain the findings recorded by the AO and the ITAT. - AFONSO REAL ESTATE DEVELOPERS V/s CIT - [2020] 22 ITCD Online 017 (BOM)