https://www.taxtmi.com/caselaws?id=432564 The Tribunal ruled in favor of the revenue, overturning the CIT(A)'s decision. It held that the land was considered a business asset based on being reflected as Work in Progress (WIP) in the balance sheet and the expenses incurred were for business purposes. The Tribunal emphasized that the asset's nature should align with its treatment in the firm's books and the partnership's business objectives. Consequently, the gain from the land sale was classified as business income. en-us Tue, 15 Nov 2022 00:00:00 +0530 Mon, 09 Jan 2023 08:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432564 The Tribunal ruled in favor of the revenue, overturning the CIT(A)'s decision. It held that the land was considered a business asset based on being reflected as Work in Progress (WIP) in the balance sheet and the expenses incurred were for business purposes. The Tribunal emphasized that the asset's nature should align with its treatment in the firm's books and the partnership's business objectives. Consequently, the gain from the land sale was classified as business income. Case-Laws Income Tax Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432564