https://www.taxtmi.com/caselaws?id=442135 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete the additions made under Short Term Capital Gain (STCG). The revaluation of land held as stock-in-trade was not considered a transfer attracting capital gains tax. The Tribunal found that Sections 45 and 47(xiii) of the Income Tax Act were inapplicable as there was no transfer of capital assets. The decision was supported by judicial precedents and the specific circumstances of the case. en-us Wed, 23 Aug 2023 00:00:00 +0530 Fri, 25 Aug 2023 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442135 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decision to delete the additions made under Short Term Capital Gain (STCG). The revaluation of land held as stock-in-trade was not considered a transfer attracting capital gains tax. The Tribunal found that Sections 45 and 47(xiii) of the Income Tax Act were inapplicable as there was no transfer of capital assets. The decision was supported by judicial precedents and the specific circumstances of the case. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442135