Sec. 45 of the Income-tax Act, 1961—Capital gain – Appellant-assessee challenged the order of Tribunal in confirming the order of CIT(A) in assessing the income from the sale of gala as capital gains under section 45 of the Act instead of business income under section 28 of the Act as claimed by the Appellant. High Court dismissed the Tax Appeal of the appellant holding that ”the foundation of the Appellant's assertion that the income is to be treated as a business income is that the agreement in question was only in respect of development rights and ownership did not pass on the the Appellant. The CIT(A) and the Tribunal, after examining the terms of the agreement in question, rendered a finding that the Assessee had purchased the land along with right and whatever be the nomenclature, it was an outright purchase. There was no argument made in the alternative by the Appellant before the Tribunal as sought to be urged before us“. - VIPIN MEHTA V/s CIT - [2020] 270 TAXMAN 067 (BOM)