https://www.taxtmi.com/highlights?id=50590 Nature of land - capital asset or stock in trade - assessment u/s 153A - Assessee has declared the plot as capital asset - But after search, the same was shown as stock in trade and shown the income as business income - Assessee is not prevented from making a claim to its advantage in the proceedings u/s 153A of the Act unlike u/s 147 of the Act. en-us Fri, 06 Dec 2019 14:16:15 +0530 Fri, 06 Dec 2019 14:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=50590 Nature of land - capital asset or stock in trade - assessment u/s 153A - Assessee has declared the plot as capital asset - But after search, the same was shown as stock in trade and shown the income as business income - Assessee is not prevented from making a claim to its advantage in the proceedings u/s 153A of the Act unlike u/s 147 of the Act. Highlights Income Tax Fri, 06 Dec 2019 14:16:15 +0530 https://www.taxtmi.com/highlights?id=50590