https://www.taxtmi.com/caselaws?id=260995 The Tribunal ruled in favor of the assessee, determining that the capital gains from the sale of land should be taxed as long-term capital gains rather than business income. Additionally, the Tribunal held that the entire capital gain from the agreement with a specific company should be taxed in the year under consideration, as the transaction fell within the definition of transfer under the Income Tax Act. The assessment order under section 143(3) was upheld for one portion of land sold, while the assessment order was set aside for the other portion, directing the computation of capital gains on the entire parcel of land in the relevant year. en-us Fri, 27 Mar 2015 00:00:00 +0530 Tue, 30 Jun 2015 06:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260995 The Tribunal ruled in favor of the assessee, determining that the capital gains from the sale of land should be taxed as long-term capital gains rather than business income. Additionally, the Tribunal held that the entire capital gain from the agreement with a specific company should be taxed in the year under consideration, as the transaction fell within the definition of transfer under the Income Tax Act. The assessment order under section 143(3) was upheld for one portion of land sold, while the assessment order was set aside for the other portion, directing the computation of capital gains on the entire parcel of land in the relevant year. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260995