Sec. 28(i) of the Income-tax Act, 1961 – Business income – The appellant-assessee filed return of income for the Assessment Year 2007-08 declaring a total income of Rs. 1,57,069/-, claiming deduction to the extent of Rs.1,69,20,000/- inter alia on the ground that the amount received towards the sale of the properties were assessable as long term capital gains which were entitled to be deducted in terms of Section 54E and 54EC of the Act, 1961. AO did not agree with the contention of the appellant-assessee inter alia on the ground that the Cavelossim property fell within a distance of 8 kms. from the limits of the Margao Municipal Council. The appellant-assessee appealed to CIT (A). The respondent no. 2 issued notices under sections 147 and 148 of the I.T. Act seeking to reopen the assessment for Assessment Year 2007-08 and revised assessment order was made computing the entire income of the appellant-assessee as "business income" and bringing the same to tax. Thus, Appellant-assessee filed another appeal before CIT(A). Both appeals came to be allowed. ITAT allowed the appeal of the revenue restoring the orders made by the AO that the income derived by the appellant-assessee from the sale of the properties was "business income". High Court dismissed the appeal of the appellant-assessee upholding the order of Tribunal – AFONSO REAL ESTATE DEVELOPERS Vs. CIT [2020] 271 TAXMAN 040 (BOM)