https://www.taxtmi.com/caselaws?id=773635 The ITAT Bangalore remanded a case involving conversion of capital asset to stock in trade under a Joint Development Agreement back to the Assessing Officer. The tribunal held that the CIT(A) lacked expertise for valuation purposes and directed the AO to refer the matter to the departmental valuation cell to determine correct valuation of the developed area. The AO was also instructed to examine the year of taxability based on when the assessee actually sold the premises and offered income from such sale, following the coordinate bench's earlier ruling that taxability occurs upon sale rather than completion of construction. en-us Thu, 24 Apr 2025 00:00:00 +0530 Mon, 23 Jun 2025 12:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773635 The ITAT Bangalore remanded a case involving conversion of capital asset to stock in trade under a Joint Development Agreement back to the Assessing Officer. The tribunal held that the CIT(A) lacked expertise for valuation purposes and directed the AO to refer the matter to the departmental valuation cell to determine correct valuation of the developed area. The AO was also instructed to examine the year of taxability based on when the assessee actually sold the premises and offered income from such sale, following the coordinate bench's earlier ruling that taxability occurs upon sale rather than completion of construction. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773635