https://www.taxtmi.com/caselaws?id=237692 The Appellate Tribunal was correct in deleting the addition of Rs. 5,900,262 by the Assessing Officer as the land in question was considered stock-in-trade, exempt from capital gains tax. The Tribunal's decision was upheld by the High Court, emphasizing that Section 50C's provisions do not apply to lands held as stock-in-trade. The Assessing Officer's failure to provide evidence beyond juntry rates to challenge the sale consideration further supported the conclusion that the land was not subject to capital gains tax. The Tribunal's decision was justified, and the revenue's appeal was dismissed. en-us Wed, 06 Mar 2013 00:00:00 +0530 Fri, 04 Oct 2013 23:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237692 The Appellate Tribunal was correct in deleting the addition of Rs. 5,900,262 by the Assessing Officer as the land in question was considered stock-in-trade, exempt from capital gains tax. The Tribunal's decision was upheld by the High Court, emphasizing that Section 50C's provisions do not apply to lands held as stock-in-trade. The Assessing Officer's failure to provide evidence beyond juntry rates to challenge the sale consideration further supported the conclusion that the land was not subject to capital gains tax. The Tribunal's decision was justified, and the revenue's appeal was dismissed. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237692