https://www.taxtmi.com/caselaws?id=301864 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 50C of the Income-tax Act, determining the income from the property sale as 'Income from business' rather than short term capital gains. It also affirmed the classification of transactions as business income instead of capital gains, dismissed the addition under section 68 for peak cash balance, and rejected the addition under section 68 for a loan received from the wife. The Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal on all grounds. en-us Tue, 18 Dec 2018 00:00:00 +0530 Mon, 25 Apr 2022 08:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301864 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 50C of the Income-tax Act, determining the income from the property sale as 'Income from business' rather than short term capital gains. It also affirmed the classification of transactions as business income instead of capital gains, dismissed the addition under section 68 for peak cash balance, and rejected the addition under section 68 for a loan received from the wife. The Tribunal ruled in favor of the assessee, dismissing the Revenue's appeal on all grounds. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301864