https://www.taxtmi.com/caselaws?id=310240 The Tribunal determined that profits from the transfer of land and sale of flats/bungalows were chargeable to tax as capital gains, not business income. The income was computed under Section 45(2) of the Income Tax Act, treating the land as a capital asset converted into stock in trade. The Tribunal directed the Assessing Officer to adopt the fair market value of the land as consideration and recognize income based on registration of agreements or possession of units. The appeals of the assessee companies were partly allowed, and the Revenue's appeals were dismissed. en-us Fri, 22 May 2015 00:00:00 +0530 Fri, 13 Oct 2023 21:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310240 The Tribunal determined that profits from the transfer of land and sale of flats/bungalows were chargeable to tax as capital gains, not business income. The income was computed under Section 45(2) of the Income Tax Act, treating the land as a capital asset converted into stock in trade. The Tribunal directed the Assessing Officer to adopt the fair market value of the land as consideration and recognize income based on registration of agreements or possession of units. The appeals of the assessee companies were partly allowed, and the Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310240