https://www.taxtmi.com/caselaws?id=424838 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, ruling in favor of the assessee that the income from the sale of six flats should be treated as capital gains under Section 54 of the Income Tax Act for the Assessment Year 2013-14. The Tribunal found no grounds to overturn the Commissioner's order, affirming that the transaction did not constitute a business activity but rather qualified for exemption under Section 54 due to the reinvestment in a new property within the stipulated time frame. The Revenue's appeal was dismissed. en-us Thu, 07 Jul 2022 00:00:00 +0530 Sat, 09 Jul 2022 08:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424838 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, ruling in favor of the assessee that the income from the sale of six flats should be treated as capital gains under Section 54 of the Income Tax Act for the Assessment Year 2013-14. The Tribunal found no grounds to overturn the Commissioner's order, affirming that the transaction did not constitute a business activity but rather qualified for exemption under Section 54 due to the reinvestment in a new property within the stipulated time frame. The Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424838