https://www.taxtmi.com/caselaws?id=389367 The Tribunal allowed the appeals, accepting the assessee's revised classification of the land as 'stock-in-trade' and the gains as 'business income'. It ruled that Section 50C was not applicable and upheld the assessee's right to revise the head of income in returns filed under Section 153A. The decision underscores the comprehensive nature of Section 153A assessments and the assessee's right to correct errors or make fresh claims in such returns. en-us Tue, 17 Sep 2019 00:00:00 +0530 Fri, 06 Dec 2019 14:16:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389367 The Tribunal allowed the appeals, accepting the assessee's revised classification of the land as 'stock-in-trade' and the gains as 'business income'. It ruled that Section 50C was not applicable and upheld the assessee's right to revise the head of income in returns filed under Section 153A. The decision underscores the comprehensive nature of Section 153A assessments and the assessee's right to correct errors or make fresh claims in such returns. Case-Laws Income Tax Tue, 17 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389367