https://www.taxtmi.com/caselaws?id=335537 The Tribunal upheld the classification of profit from the sale of property as Short Term Capital Gain (STCG) rather than Business Income, applying the provisions of section 50C of the Income Tax Act to adopt a higher valuation for computing STCG. The Tribunal also upheld the disallowance of expenses related to cost of construction/improvement and 10% of wages due to lack of evidence. However, the disallowance of interest expenditure was set aside for fresh consideration, and an additional ground regarding computation of income was directed to be verified by the CIT(A) with the assistance of the Assessing Officer. en-us Fri, 18 Nov 2016 00:00:00 +0530 Sat, 03 Dec 2016 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335537 The Tribunal upheld the classification of profit from the sale of property as Short Term Capital Gain (STCG) rather than Business Income, applying the provisions of section 50C of the Income Tax Act to adopt a higher valuation for computing STCG. The Tribunal also upheld the disallowance of expenses related to cost of construction/improvement and 10% of wages due to lack of evidence. However, the disallowance of interest expenditure was set aside for fresh consideration, and an additional ground regarding computation of income was directed to be verified by the CIT(A) with the assistance of the Assessing Officer. Case-Laws Income Tax Fri, 18 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335537