https://www.taxtmi.com/caselaws?id=307347 The High Court upheld the decision of the Income Tax Appellate Tribunal and the CIT (Appeals) in favor of the respondent-assessee. The court found that the assessee had appropriately treated the property as stock in trade for real estate development purposes, exempting it from the provisions of Section 56(2)(vii) of the Income Tax Act. The court emphasized the importance of presenting relevant evidence and contentions during assessment and appellate proceedings. Consequently, the appeal by the Revenue was dismissed, with the High Court determining that no question of law arose in the case. en-us Tue, 16 Nov 2021 00:00:00 +0530 Fri, 07 Apr 2023 08:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307347 The High Court upheld the decision of the Income Tax Appellate Tribunal and the CIT (Appeals) in favor of the respondent-assessee. The court found that the assessee had appropriately treated the property as stock in trade for real estate development purposes, exempting it from the provisions of Section 56(2)(vii) of the Income Tax Act. The court emphasized the importance of presenting relevant evidence and contentions during assessment and appellate proceedings. Consequently, the appeal by the Revenue was dismissed, with the High Court determining that no question of law arose in the case. Case-Laws Income Tax Tue, 16 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307347