29.A furniture manufacturer owned 6 factories and decided to close one of its factories. It arranged to demolish the factory, then extensively developed the land and sold it. i. The proceeds from the sale of the land is assessable income as it is a receipt received by the manufacturer in return for performing work such as the development of the land. ii. The proceeds from the sale of the land is not assessable income as it is a once-off transaction. iii. The proceeds from the sale of the land is capital in nature. iv. The proceeds from the sale of the land is not capital in nature.

Select which statement above is correct. a. Only (i) is correct. b. Only (iii) is correct. c. Both (ii) and (iv) are correct. d. Both (ii) and (iii) are correct.