https://www.taxtmi.com/caselaws?id=192753 The Tribunal partly allowed the appeals, directing the Assessing Officer to recompute income after providing a hearing to the assessee. The Tribunal held that once income is assessed as business income, section 50C should not be invoked for determining the full value of a capital asset. The assessment of gain on the sale of agricultural land as income from business was upheld. The decision in one appeal was applied to the other due to identical facts and issues. The order was pronounced on August 17, 2016, concluding the proceedings. en-us Wed, 17 Aug 2016 00:00:00 +0530 Sat, 17 Jun 2017 15:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192753 The Tribunal partly allowed the appeals, directing the Assessing Officer to recompute income after providing a hearing to the assessee. The Tribunal held that once income is assessed as business income, section 50C should not be invoked for determining the full value of a capital asset. The assessment of gain on the sale of agricultural land as income from business was upheld. The decision in one appeal was applied to the other due to identical facts and issues. The order was pronounced on August 17, 2016, concluding the proceedings. Case-Laws Income Tax Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192753