https://www.taxtmi.com/caselaws?id=275507 The Tribunal overturned the CIT(A) decision regarding freezer deposits, ruling that these should not be assessed as income until the agreements with vendors terminate, as they represent a liability. The Tribunal directed the AO to remove these amounts from the assessees' income. Regarding the gain from the sale of land, the Tribunal remanded the case to the AO for further examination to determine whether the gain should be classified as capital gains or business income, based on the intention at the time of land acquisition. The appeals were allowed for statistical purposes, setting aside the CIT(A) orders. en-us Fri, 25 May 2012 00:00:00 +0530 Sat, 27 Jan 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275507 The Tribunal overturned the CIT(A) decision regarding freezer deposits, ruling that these should not be assessed as income until the agreements with vendors terminate, as they represent a liability. The Tribunal directed the AO to remove these amounts from the assessees' income. Regarding the gain from the sale of land, the Tribunal remanded the case to the AO for further examination to determine whether the gain should be classified as capital gains or business income, based on the intention at the time of land acquisition. The appeals were allowed for statistical purposes, setting aside the CIT(A) orders. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275507