https://www.taxtmi.com/caselaws?id=254851 The case involved the assessability of profit on the sale of rights in land as business income or capital gain for the assessment year 2008-09. The Revenue challenged the classification of the profit as 'Business income' instead of 'Capital Gain,' but the Tribunal ruled in favor of the assessee. The Tribunal held that the income from the sale of development rights should be treated as short-term capital gain, not subject to section 50C. The Tribunal directed the Assessing Officer to recalculate the income based on their decision, partially allowing the Revenue's appeal. en-us Thu, 30 Oct 2014 00:00:00 +0530 Fri, 02 Jan 2015 09:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254851 The case involved the assessability of profit on the sale of rights in land as business income or capital gain for the assessment year 2008-09. The Revenue challenged the classification of the profit as 'Business income' instead of 'Capital Gain,' but the Tribunal ruled in favor of the assessee. The Tribunal held that the income from the sale of development rights should be treated as short-term capital gain, not subject to section 50C. The Tribunal directed the Assessing Officer to recalculate the income based on their decision, partially allowing the Revenue's appeal. Case-Laws Income Tax Thu, 30 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254851