https://www.taxtmi.com/caselaws?id=357507 The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision. It held that the land should be treated as stock-in-trade post-conversion, allowing the business loss incurred due to non-receipt of sale consideration in computing taxable income. The court agreed with the Tribunal's application of Section 45(2) of the Income Tax Act. The Tribunal's order was upheld, answering substantial legal questions against the Revenue. en-us Tue, 20 Feb 2018 00:00:00 +0530 Thu, 16 Aug 2018 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357507 The High Court dismissed the Revenue's appeal, affirming the Tribunal's decision. It held that the land should be treated as stock-in-trade post-conversion, allowing the business loss incurred due to non-receipt of sale consideration in computing taxable income. The court agreed with the Tribunal's application of Section 45(2) of the Income Tax Act. The Tribunal's order was upheld, answering substantial legal questions against the Revenue. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357507