https://www.taxtmi.com/caselaws?id=327601 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, determining that income from the sale of an under-construction property constitutes capital gains rather than business income. The ITAT further held that the income should be taxed in the hands of the partnership firm, not the individual partners, to avoid double taxation. The ITAT's decision was in line with the Commissioner of Income Tax (Appeals) [CIT(A)]'s findings, ultimately upholding that the capital gains should be assessed at the partnership firm level. en-us Wed, 30 Dec 2015 00:00:00 +0530 Sat, 14 May 2016 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327601 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, determining that income from the sale of an under-construction property constitutes capital gains rather than business income. The ITAT further held that the income should be taxed in the hands of the partnership firm, not the individual partners, to avoid double taxation. The ITAT's decision was in line with the Commissioner of Income Tax (Appeals) [CIT(A)]'s findings, ultimately upholding that the capital gains should be assessed at the partnership firm level. Case-Laws Income Tax Wed, 30 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327601