https://www.taxtmi.com/caselaws?id=360175 The Tribunal held that the sale of residential plots constituted an adventure in the nature of trade, taxable as business income. The Assessing Officer was directed to reassess income by applying Section 45(2) to calculate capital gains at the conversion of land into stock-in-trade, treating subsequent profits as business income. The appeal was partly allowed for statistical purposes. en-us Tue, 01 May 2018 00:00:00 +0530 Fri, 11 May 2018 08:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360175 The Tribunal held that the sale of residential plots constituted an adventure in the nature of trade, taxable as business income. The Assessing Officer was directed to reassess income by applying Section 45(2) to calculate capital gains at the conversion of land into stock-in-trade, treating subsequent profits as business income. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360175