https://www.taxtmi.com/highlights?id=67263 Correct head of income - treatment of profit on transfer of immovable properties - The assignment of debt in favour of another entity partly in exchange of land was integral part of the business activities of the assessee and any gain / loss arising on such an asset should be viewed as business profits only. The situation is no different from a situation wherein the assessee in exchange of loan debts, repossesses the assets of the borrower and sell the same subsequently in discharge of loan assets. Any resultant gains / losses arising therefrom would be part of normal business activities of the assessee. - AT en-us Thu, 22 Dec 2022 16:56:03 +0530 Thu, 22 Dec 2022 16:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67263 Correct head of income - treatment of profit on transfer of immovable properties - The assignment of debt in favour of another entity partly in exchange of land was integral part of the business activities of the assessee and any gain / loss arising on such an asset should be viewed as business profits only. The situation is no different from a situation wherein the assessee in exchange of loan debts, repossesses the assets of the borrower and sell the same subsequently in discharge of loan assets. Any resultant gains / losses arising therefrom would be part of normal business activities of the assessee. - AT Highlights Income Tax Thu, 22 Dec 2022 16:56:03 +0530 https://www.taxtmi.com/highlights?id=67263