https://www.taxtmi.com/caselaws?id=252941 The Tribunal ruled in favor of the assessee in all three cases, determining that the surpluses from the sales of lands at Dhamane, Kondhwa, and Sanswadi should be treated as capital gains or exempt as agricultural land, rather than business income. The Tribunal held that the lands were investments and not stock-in-trade, following precedents from the Bombay High Court. The lower authorities' decisions were overturned, and the assessees' returns were reinstated accordingly. en-us Mon, 15 Sep 2014 00:00:00 +0530 Sat, 08 Nov 2014 06:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252941 The Tribunal ruled in favor of the assessee in all three cases, determining that the surpluses from the sales of lands at Dhamane, Kondhwa, and Sanswadi should be treated as capital gains or exempt as agricultural land, rather than business income. The Tribunal held that the lands were investments and not stock-in-trade, following precedents from the Bombay High Court. The lower authorities' decisions were overturned, and the assessees' returns were reinstated accordingly. Case-Laws Income Tax Mon, 15 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252941