https://www.taxtmi.com/caselaws?id=214327 The Tribunal upheld the Assessing Officer's decision to treat the income from the sale of land as business income instead of capital gains, stating that the transaction was an adventure in the nature of trade. Additionally, the Tribunal agreed with the AO's assessment of the advance payment as taxable income, considering it a trading receipt. The Tribunal also supported the allocation of indirect expenses to work-in-progress and the disallowance of depreciation on centring material. Overall, the Tribunal dismissed the assessee's appeal and upheld the Revenue's appeal, affirming the AO's decisions on all issues. en-us Mon, 30 Apr 2012 00:00:00 +0530 Tue, 26 Jun 2012 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214327 The Tribunal upheld the Assessing Officer's decision to treat the income from the sale of land as business income instead of capital gains, stating that the transaction was an adventure in the nature of trade. Additionally, the Tribunal agreed with the AO's assessment of the advance payment as taxable income, considering it a trading receipt. The Tribunal also supported the allocation of indirect expenses to work-in-progress and the disallowance of depreciation on centring material. Overall, the Tribunal dismissed the assessee's appeal and upheld the Revenue's appeal, affirming the AO's decisions on all issues. Case-Laws Income Tax Mon, 30 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214327