https://www.taxtmi.com/caselaws?id=300501 The Tribunal upheld the CIT(A)'s decision, ruling that the deletion of the addition of Rs. 96,37,85,635/- towards capital gains under Section 45(3) of the Income Tax Act was justified. It was determined that the land in question was a current asset, not a capital asset, and the revaluation did not result in any taxable income for the assessee. The appeal by the Revenue was dismissed, confirming no taxable capital gain for the Assessment Year 2006-07. en-us Wed, 01 Aug 2018 00:00:00 +0530 Mon, 07 Feb 2022 21:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300501 The Tribunal upheld the CIT(A)'s decision, ruling that the deletion of the addition of Rs. 96,37,85,635/- towards capital gains under Section 45(3) of the Income Tax Act was justified. It was determined that the land in question was a current asset, not a capital asset, and the revaluation did not result in any taxable income for the assessee. The appeal by the Revenue was dismissed, confirming no taxable capital gain for the Assessment Year 2006-07. Case-Laws Income Tax Wed, 01 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300501