https://www.taxtmi.com/caselaws?id=263073 The High Court of Madras upheld the Tribunal's decisions, affirming that income from the sale of undivided share in land and flats was rightly treated as business income, not capital gains. The reliance on the DVO's valuation report for a composite transaction was deemed valid, rejecting separate valuation. The assessee was entitled to deduction under Section 80IB(10) for housing unit development, with the Tribunal's findings aligning with legal requirements. The Tribunal's determination on the extent of land developed for tax benefits was upheld, dismissing all Revenue appeals. en-us Wed, 05 Aug 2015 00:00:00 +0530 Wed, 26 Aug 2015 10:14:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263073 The High Court of Madras upheld the Tribunal's decisions, affirming that income from the sale of undivided share in land and flats was rightly treated as business income, not capital gains. The reliance on the DVO's valuation report for a composite transaction was deemed valid, rejecting separate valuation. The assessee was entitled to deduction under Section 80IB(10) for housing unit development, with the Tribunal's findings aligning with legal requirements. The Tribunal's determination on the extent of land developed for tax benefits was upheld, dismissing all Revenue appeals. Case-Laws Income Tax Wed, 05 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263073