https://www.taxtmi.com/caselaws?id=388864 Isolated sale of land was treated as capital gains rather than business income because there was no material showing an organised land-trading business or stock-in-trade treatment. The transfer was held to fall in assessment year 2010-11, since the registered sale deed operated from execution, and the asset was long-term capital because the holding period ran from possession and execution in March 2007. Where the stamp value was disputed, section 50C required reference to the Valuation Officer before finalising deemed consideration. Stamp duty, registration charges and brokerage were allowed as transfer-related deductions, and credit was directed for tax already paid on the same transaction to prevent double taxation. en-us Wed, 20 Nov 2019 00:00:00 +0530 Mon, 25 Nov 2019 11:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388864 Isolated sale of land was treated as capital gains rather than business income because there was no material showing an organised land-trading business or stock-in-trade treatment. The transfer was held to fall in assessment year 2010-11, since the registered sale deed operated from execution, and the asset was long-term capital because the holding period ran from possession and execution in March 2007. Where the stamp value was disputed, section 50C required reference to the Valuation Officer before finalising deemed consideration. Stamp duty, registration charges and brokerage were allowed as transfer-related deductions, and credit was directed for tax already paid on the same transaction to prevent double taxation. Case-Laws Income Tax Wed, 20 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388864