https://www.taxtmi.com/caselaws?id=360760 The Income Tax Appellate Tribunal (ITAT) upheld the decisions of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case concerning the classification of income from the sale of space. The ITAT affirmed that the profit on the sale should be treated as long-term capital gain up to the date of conversion and as business income thereafter. Additionally, the ITAT agreed with the CIT(A) that Section 50C does not apply to stock-in-trade, and "speculation loss" on future trading in forex was allowed as a trading loss. The Revenue's appeals were dismissed, and the CIT(A)'s decisions were upheld. en-us Fri, 18 May 2018 00:00:00 +0530 Tue, 22 May 2018 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360760 The Income Tax Appellate Tribunal (ITAT) upheld the decisions of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case concerning the classification of income from the sale of space. The ITAT affirmed that the profit on the sale should be treated as long-term capital gain up to the date of conversion and as business income thereafter. Additionally, the ITAT agreed with the CIT(A) that Section 50C does not apply to stock-in-trade, and "speculation loss" on future trading in forex was allowed as a trading loss. The Revenue's appeals were dismissed, and the CIT(A)'s decisions were upheld. Case-Laws Income Tax Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360760