https://www.taxtmi.com/caselaws?id=187353 Land held as a fixed asset for construction of an administrative building retained its capital character on sale, as there was no material showing trading in land or stock-in-trade treatment; the resulting gain or loss was therefore assessable as capital gains and not business income, with double taxation of the same transaction excluded. Embezzlement loss from cash misappropriation was deductible only in the year of discovery or occurrence, not in a later year merely because recovery remained pending; since the loss had been detected earlier, the claimed deduction in the later assessment year was disallowed. en-us Thu, 30 May 2013 00:00:00 +0530 Wed, 19 Oct 2016 12:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187353 Land held as a fixed asset for construction of an administrative building retained its capital character on sale, as there was no material showing trading in land or stock-in-trade treatment; the resulting gain or loss was therefore assessable as capital gains and not business income, with double taxation of the same transaction excluded. Embezzlement loss from cash misappropriation was deductible only in the year of discovery or occurrence, not in a later year merely because recovery remained pending; since the loss had been detected earlier, the claimed deduction in the later assessment year was disallowed. Case-Laws Income Tax Thu, 30 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187353