https://www.taxtmi.com/caselaws?id=436706 The Revenue appealed the treatment of income from a property sale as business income by the Assessing Officer, while the assessee claimed it as capital gains. The CIT(A) upheld the assessee's position, ruling the property was a capital asset, not stock-in-trade, and allowed deductions under the Income Tax Act. The Tribunal dismissed the Revenue's appeal, stating the assessee was entitled to deductions under section 54B, affirming the income treatment as capital gains. The judgment highlighted the significance of asset nature and compliance with tax provisions in distinguishing between business income and capital gains from property sales. en-us Fri, 24 Feb 2023 00:00:00 +0530 Wed, 19 Apr 2023 08:10:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436706 The Revenue appealed the treatment of income from a property sale as business income by the Assessing Officer, while the assessee claimed it as capital gains. The CIT(A) upheld the assessee's position, ruling the property was a capital asset, not stock-in-trade, and allowed deductions under the Income Tax Act. The Tribunal dismissed the Revenue's appeal, stating the assessee was entitled to deductions under section 54B, affirming the income treatment as capital gains. The judgment highlighted the significance of asset nature and compliance with tax provisions in distinguishing between business income and capital gains from property sales. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436706