https://www.taxtmi.com/caselaws?id=325558 The Tribunal allowed the appeal of the assessee in the case concerning the assessment of capital gains on the sale of land. It directed the Assessing Officer to compute capital gains up to the date of conversion and treat the profit on the sale as a business loss due to the absence of consideration received. The Tribunal considered the loss incurred by the assessee in giving the land as security to the sister concern as a business loss while computing taxable income, setting it off against the capital gains. en-us Fri, 05 Feb 2016 00:00:00 +0530 Wed, 23 Mar 2016 09:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325558 The Tribunal allowed the appeal of the assessee in the case concerning the assessment of capital gains on the sale of land. It directed the Assessing Officer to compute capital gains up to the date of conversion and treat the profit on the sale as a business loss due to the absence of consideration received. The Tribunal considered the loss incurred by the assessee in giving the land as security to the sister concern as a business loss while computing taxable income, setting it off against the capital gains. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325558