https://www.taxtmi.com/caselaws?id=294127 The Tribunal allowed the appeal for statistical purposes, directing the AO to re-determine capital gains and business income in accordance with Section 45(2) of the Income Tax Act. The Tribunal instructed a re-examination of deduction claims under Section 54 and indexation benefits on development expenses, emphasizing consideration of fair market value at the time of conversion for capital gains and treatment of subsequent sale proceeds as business income. en-us Tue, 27 Feb 2018 00:00:00 +0530 Tue, 23 Mar 2021 11:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294127 The Tribunal allowed the appeal for statistical purposes, directing the AO to re-determine capital gains and business income in accordance with Section 45(2) of the Income Tax Act. The Tribunal instructed a re-examination of deduction claims under Section 54 and indexation benefits on development expenses, emphasizing consideration of fair market value at the time of conversion for capital gains and treatment of subsequent sale proceeds as business income. Case-Laws Income Tax Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294127