https://www.taxtmi.com/caselaws?id=458149 The ITAT Raipur dismissed the assessee's appeal regarding re-characterization of land sale from capital gains to business income during reassessment proceedings u/s 147. The tribunal held that reassessment jurisdiction is limited to escaped income and cannot permit re-agitation of issues decided in original assessment. The assessee's attempt to reclassify land sale as stock-in-trade transaction was rejected as beyond Section 147's scope. Section 50C provisions were held applicable for capital gains computation. The assessee's claim for deduction u/s 54B was also rejected due to lack of supporting documentary evidence. en-us Tue, 07 Jun 2022 00:00:00 +0530 Thu, 10 Oct 2024 20:50:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458149 The ITAT Raipur dismissed the assessee's appeal regarding re-characterization of land sale from capital gains to business income during reassessment proceedings u/s 147. The tribunal held that reassessment jurisdiction is limited to escaped income and cannot permit re-agitation of issues decided in original assessment. The assessee's attempt to reclassify land sale as stock-in-trade transaction was rejected as beyond Section 147's scope. Section 50C provisions were held applicable for capital gains computation. The assessee's claim for deduction u/s 54B was also rejected due to lack of supporting documentary evidence. Case-Laws Income Tax Tue, 07 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458149