https://www.taxtmi.com/caselaws?id=310919 ITAT Amritsar allowed assessee's appeal regarding incorrect calculation of business income from land sale. AO erroneously included co-owner's share in assessee's income assessment. Assessee held 43% share (1825.49 marlas) of total 4245.43 marlas land sold at Rs.18,750 per marla. ITAT directed AO to restrict addition to Rs.30,68,6,547 instead of Rs.42,95,9,509 confirmed by CIT(A). However, assessee's contention for capital asset treatment was dismissed as group companies had already admitted business income nature before Settlement Commission. en-us Fri, 20 May 2016 00:00:00 +0530 Sat, 25 Nov 2023 14:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310919 ITAT Amritsar allowed assessee's appeal regarding incorrect calculation of business income from land sale. AO erroneously included co-owner's share in assessee's income assessment. Assessee held 43% share (1825.49 marlas) of total 4245.43 marlas land sold at Rs.18,750 per marla. ITAT directed AO to restrict addition to Rs.30,68,6,547 instead of Rs.42,95,9,509 confirmed by CIT(A). However, assessee's contention for capital asset treatment was dismissed as group companies had already admitted business income nature before Settlement Commission. Case-Laws Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310919