https://www.taxtmi.com/caselaws?id=290901 The Tribunal ruled in favor of the assessee, directing that the income from the sale of land and properties be treated as "capital gains" rather than "business income." The Tribunal also instructed the Assessing Officer to reassess the eligibility for exemption under Section 54B. Additionally, the reassessment under Section 153A for AY 2007-08 was deemed invalid due to the absence of incriminating material, as finalized returns existed before the search. The Tribunal allowed the appeals in part and dismissed the stay petitions as infructuous. en-us Thu, 27 Oct 2016 00:00:00 +0530 Wed, 21 Oct 2020 09:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290901 The Tribunal ruled in favor of the assessee, directing that the income from the sale of land and properties be treated as "capital gains" rather than "business income." The Tribunal also instructed the Assessing Officer to reassess the eligibility for exemption under Section 54B. Additionally, the reassessment under Section 153A for AY 2007-08 was deemed invalid due to the absence of incriminating material, as finalized returns existed before the search. The Tribunal allowed the appeals in part and dismissed the stay petitions as infructuous. Case-Laws Income Tax Thu, 27 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290901