https://www.taxtmi.com/caselaws?id=386809 The Tribunal ruled in favor of the assessee on both issues. It held that the income from the sale of plots should be taxed as capital gains, not business income. Additionally, the assessee was deemed eligible for a deduction under section 54F as the construction of the house was completed within three years of the asset transfer, despite commencing before the transfer. The appeal was allowed, and the lower authorities' orders were overturned. en-us Fri, 04 Oct 2019 00:00:00 +0530 Wed, 09 Oct 2019 07:34:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386809 The Tribunal ruled in favor of the assessee on both issues. It held that the income from the sale of plots should be taxed as capital gains, not business income. Additionally, the assessee was deemed eligible for a deduction under section 54F as the construction of the house was completed within three years of the asset transfer, despite commencing before the transfer. The appeal was allowed, and the lower authorities' orders were overturned. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386809