https://www.taxtmi.com/caselaws?id=216879 The court held that the gains from the sale of constructed properties were taxable as business income due to the agreements entered into for construction activities, despite the lands initially being agricultural. The court directed the Assessing Officer to allow the benefit of long-term capital gains for the agricultural land up to the year of conversion into stock-in-trade, with proceeds from subsequent sales to be taxed as business receipts. The appeal was partially allowed, and the AO was instructed to recompute the capital gains and business income accordingly. en-us Thu, 05 Jul 2012 00:00:00 +0530 Mon, 24 Sep 2012 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216879 The court held that the gains from the sale of constructed properties were taxable as business income due to the agreements entered into for construction activities, despite the lands initially being agricultural. The court directed the Assessing Officer to allow the benefit of long-term capital gains for the agricultural land up to the year of conversion into stock-in-trade, with proceeds from subsequent sales to be taxed as business receipts. The appeal was partially allowed, and the AO was instructed to recompute the capital gains and business income accordingly. Case-Laws Income Tax Thu, 05 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216879