https://www.taxtmi.com/caselaws?id=353057 The Tribunal ruled in favor of the assessee, determining that the transactions involving the sale of undivided shares of land were not classified as business transactions. It was held that the land remained a capital asset and was not converted into stock-in-trade, rejecting the application of section 45(2). The Tribunal also found that there was no joint venture between the assessee and the developer, but rather a contractual arrangement for the development and sale of flats. Consequently, the appeal was allowed, and the provisions of section 45(2) were deemed inapplicable, rendering other related grounds moot. en-us Wed, 20 Dec 2017 00:00:00 +0530 Wed, 27 Dec 2017 09:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353057 The Tribunal ruled in favor of the assessee, determining that the transactions involving the sale of undivided shares of land were not classified as business transactions. It was held that the land remained a capital asset and was not converted into stock-in-trade, rejecting the application of section 45(2). The Tribunal also found that there was no joint venture between the assessee and the developer, but rather a contractual arrangement for the development and sale of flats. Consequently, the appeal was allowed, and the provisions of section 45(2) were deemed inapplicable, rendering other related grounds moot. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353057