https://www.taxtmi.com/caselaws?id=213181 The Tribunal and the Commissioner of Income Tax (Appeals) concluded that the sale of plots by the assessee, held as stock in trade, should be treated as business income and not capital gains. Section 50C of the Income Tax Act was deemed inapplicable to such transactions. The decision was supported by the balance sheet and judicial pronouncements. The appeal was dismissed, affirming that the sale of land was not a capital asset, with no substantial question of law warranting interference under Section 260A of the Income Tax Act. en-us Mon, 09 Apr 2012 00:00:00 +0530 Wed, 20 Mar 2013 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213181 The Tribunal and the Commissioner of Income Tax (Appeals) concluded that the sale of plots by the assessee, held as stock in trade, should be treated as business income and not capital gains. Section 50C of the Income Tax Act was deemed inapplicable to such transactions. The decision was supported by the balance sheet and judicial pronouncements. The appeal was dismissed, affirming that the sale of land was not a capital asset, with no substantial question of law warranting interference under Section 260A of the Income Tax Act. Case-Laws Income Tax Mon, 09 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213181