https://www.taxtmi.com/caselaws?id=429562 The HC allowed the appeal, setting aside the Tribunal's decision, and ruled in favor of the assessee. It held that the income from the property sale should be taxed as Capital Gains rather than Business Income. The Court determined that the property was a Capital Asset, not stock-in-trade, as no development activities occurred, and the expenses incurred were unrelated to property development. The HC emphasized that the Assessing Officer's original judgment was valid, and the Commissioner's revision under Section 263 of the Income Tax Act was unwarranted. en-us Tue, 13 Sep 2022 00:00:00 +0530 Wed, 29 Apr 2026 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429562 The HC allowed the appeal, setting aside the Tribunal's decision, and ruled in favor of the assessee. It held that the income from the property sale should be taxed as Capital Gains rather than Business Income. The Court determined that the property was a Capital Asset, not stock-in-trade, as no development activities occurred, and the expenses incurred were unrelated to property development. The HC emphasized that the Assessing Officer's original judgment was valid, and the Commissioner's revision under Section 263 of the Income Tax Act was unwarranted. Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429562