https://www.taxtmi.com/caselaws?id=388864 The tribunal ruled that the gain from the sale of land should be taxed as capital gain rather than business income, as the assessee was not engaged in the business of land purchase and sale. The transaction was deemed to be Long Term Capital Gain for Assessment Year 2010-11 due to the holding period exceeding 36 months. The tribunal directed the Assessing Officer to refer the valuation of the property to the Valuation Officer and allowed the deduction of expenses incurred in the relevant year. The assessee was entitled to receive tax credits for the transaction in Assessment Year 2011-12 against the tax liability in Assessment Year 2010-11. The appeal was partly allowed for statistical purposes. 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 The tribunal ruled that the gain from the sale of land should be taxed as capital gain rather than business income, as the assessee was not engaged in the business of land purchase and sale. The transaction was deemed to be Long Term Capital Gain for Assessment Year 2010-11 due to the holding period exceeding 36 months. The tribunal directed the Assessing Officer to refer the valuation of the property to the Valuation Officer and allowed the deduction of expenses incurred in the relevant year. The assessee was entitled to receive tax credits for the transaction in Assessment Year 2011-12 against the tax liability in Assessment Year 2010-11. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 20 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388864