https://www.taxtmi.com/caselaws?id=272266 The tribunal upheld the CIT(A)'s decision to treat the gain from the land portion of the Kalina Property as long-term capital gains and the gain from the building portion as short-term capital gains under Section 50 of the Income Tax Act. It also confirmed the validity of the reassessment proceedings initiated under Section 148 and provided guidance on the deductibility of expenses related to the property transfer. The appeals favored the assessee, and the revenue's appeal was dismissed. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 03 Mar 2016 11:14:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272266 The tribunal upheld the CIT(A)'s decision to treat the gain from the land portion of the Kalina Property as long-term capital gains and the gain from the building portion as short-term capital gains under Section 50 of the Income Tax Act. It also confirmed the validity of the reassessment proceedings initiated under Section 148 and provided guidance on the deductibility of expenses related to the property transfer. The appeals favored the assessee, and the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272266