https://www.taxtmi.com/caselaws?id=363622 The Tribunal ruled that the gain from the sale of land with staff quarters should be assessed as long term capital gain, not short term. The capital gain was deemed to have occurred in the assessment year 2006-07, not 2005-06. Additionally, the deduction of a settlement amount paid to employees for vacating staff quarters was allowed as a legitimate expense. In a separate judgment for another assessment year, the Tribunal remanded the issue of short term capital gain on a guesthouse sale back to the AO for further review due to insufficient documentation. The Revenue's appeal was dismissed, and the assessee's appeal was allowed for statistical purposes. en-us Fri, 18 May 2018 00:00:00 +0530 Mon, 16 Jul 2018 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363622 The Tribunal ruled that the gain from the sale of land with staff quarters should be assessed as long term capital gain, not short term. The capital gain was deemed to have occurred in the assessment year 2006-07, not 2005-06. Additionally, the deduction of a settlement amount paid to employees for vacating staff quarters was allowed as a legitimate expense. In a separate judgment for another assessment year, the Tribunal remanded the issue of short term capital gain on a guesthouse sale back to the AO for further review due to insufficient documentation. The Revenue's appeal was dismissed, and the assessee's appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363622