https://www.taxtmi.com/caselaws?id=432009 The Tribunal upheld the CIT(A)'s decision to delete the addition towards capital gains based on CBDT Circular No.791, ruling that exemptions under specified sections apply even after conversion of capital assets into stock-in-trade. It also held that section 47(iii) prevails over section 45, exempting the transfer of land earmarked for public utility under an irrevocable trust from capital gains tax. The Tribunal further determined that section 43CA does not apply to transfers of land for public utility purposes, ultimately dismissing the Revenue's appeal and upholding the CIT(A)'s order. en-us Fri, 23 Dec 2022 00:00:00 +0530 Mon, 26 Dec 2022 09:10:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432009 The Tribunal upheld the CIT(A)'s decision to delete the addition towards capital gains based on CBDT Circular No.791, ruling that exemptions under specified sections apply even after conversion of capital assets into stock-in-trade. It also held that section 47(iii) prevails over section 45, exempting the transfer of land earmarked for public utility under an irrevocable trust from capital gains tax. The Tribunal further determined that section 43CA does not apply to transfers of land for public utility purposes, ultimately dismissing the Revenue's appeal and upholding the CIT(A)'s order. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432009