https://www.taxtmi.com/caselaws?id=431311 The Appellate Tribunal partially allowed the taxpayer's appeal, upholding the validity of section 148/147 proceedings for non-filing of return after selling a capital/business asset. The Tribunal confirmed the assessment of long-term capital gains on the sale of a capital asset converted into stock-in-trade, and rejected the CIT(A)'s bifurcation of long-term capital gains into business income. The Tribunal emphasized legal provisions and precedents in its decision, directing for necessary computations to be carried out as per law. en-us Tue, 18 Oct 2022 00:00:00 +0530 Fri, 09 Dec 2022 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431311 The Appellate Tribunal partially allowed the taxpayer's appeal, upholding the validity of section 148/147 proceedings for non-filing of return after selling a capital/business asset. The Tribunal confirmed the assessment of long-term capital gains on the sale of a capital asset converted into stock-in-trade, and rejected the CIT(A)'s bifurcation of long-term capital gains into business income. The Tribunal emphasized legal provisions and precedents in its decision, directing for necessary computations to be carried out as per law. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431311