https://www.taxtmi.com/caselaws?id=395172 The Tribunal ruled in favor of the assessee in a tax case involving the treatment of capital gains as business income. It held that the sale of long-held properties should be treated as capital gains, not business income, emphasizing the assets' original purpose and usage. Additionally, the Tribunal found that the Assessing Officer exceeded jurisdiction in a limited scrutiny case by not obtaining proper approval for scope enhancement, rendering any additional assessments void. The Tribunal also directed the AO to allow exemption under Section 54F for a residential property purchase and accept the full construction expenditure claimed by the assessee. en-us Fri, 20 Mar 2020 00:00:00 +0530 Sat, 09 May 2020 00:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395172 The Tribunal ruled in favor of the assessee in a tax case involving the treatment of capital gains as business income. It held that the sale of long-held properties should be treated as capital gains, not business income, emphasizing the assets' original purpose and usage. Additionally, the Tribunal found that the Assessing Officer exceeded jurisdiction in a limited scrutiny case by not obtaining proper approval for scope enhancement, rendering any additional assessments void. The Tribunal also directed the AO to allow exemption under Section 54F for a residential property purchase and accept the full construction expenditure claimed by the assessee. Case-Laws Income Tax Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395172