https://www.taxtmi.com/caselaws?id=404095 The court ruled in favor of the appellant, determining that the provisions of Section 50C were not applicable to the case. However, the court remitted the issues concerning whether the land sold was held as an investment or stock in trade and the appropriate tax head for the loss back to the tribunal for further examination. The court did not provide a definitive decision on the allowability of the business loss, leaving it for the tribunal to decide anew. The appeal was disposed of with these directions. en-us Tue, 02 Feb 2021 00:00:00 +0530 Wed, 07 Apr 2021 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404095 The court ruled in favor of the appellant, determining that the provisions of Section 50C were not applicable to the case. However, the court remitted the issues concerning whether the land sold was held as an investment or stock in trade and the appropriate tax head for the loss back to the tribunal for further examination. The court did not provide a definitive decision on the allowability of the business loss, leaving it for the tribunal to decide anew. The appeal was disposed of with these directions. Case-Laws Income Tax Tue, 02 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404095