https://www.taxtmi.com/caselaws?id=404042 The ITAT Mumbai ruled in favor of the assessee, directing the surplus earned on the sale of land to be treated as business income instead of short term capital gain. The ITAT emphasized that the description in the books of account does not conclusively determine the nature of the transaction, considering the amended partnership deed and business activities mentioned in the tax audit report. Additionally, the ITAT held that the Assessing Officer's disallowance of the set-off of brought forward business loss against the capital gain was not justified, given the circumstances of the case. en-us Wed, 03 Feb 2021 00:00:00 +0530 Sat, 13 Feb 2021 15:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404042 The ITAT Mumbai ruled in favor of the assessee, directing the surplus earned on the sale of land to be treated as business income instead of short term capital gain. The ITAT emphasized that the description in the books of account does not conclusively determine the nature of the transaction, considering the amended partnership deed and business activities mentioned in the tax audit report. Additionally, the ITAT held that the Assessing Officer's disallowance of the set-off of brought forward business loss against the capital gain was not justified, given the circumstances of the case. Case-Laws Income Tax Wed, 03 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404042