https://www.taxtmi.com/caselaws?id=336967 The appeal was allowed by the Tribunal. The profit from the sale of the property was assessed as business income rather than capital gain. The application of Section 50C of the Income Tax Act was deemed inapplicable as the property was considered a trading asset. The deduction for compensation paid upon cancellation of a joint venture agreement was allowed, treating it as an incremental cost to the stock in trade. Additionally, a higher depreciation rate of 80% was granted on all windmill accessories, overturning the AO's decision to apply a lower rate on certain items. en-us Fri, 09 Dec 2016 00:00:00 +0530 Sun, 01 Jan 2017 14:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336967 The appeal was allowed by the Tribunal. The profit from the sale of the property was assessed as business income rather than capital gain. The application of Section 50C of the Income Tax Act was deemed inapplicable as the property was considered a trading asset. The deduction for compensation paid upon cancellation of a joint venture agreement was allowed, treating it as an incremental cost to the stock in trade. Additionally, a higher depreciation rate of 80% was granted on all windmill accessories, overturning the AO's decision to apply a lower rate on certain items. Case-Laws Income Tax Fri, 09 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336967