https://www.taxtmi.com/caselaws?id=790404 Section 50C applies only where the transferred land is a capital asset, not stock-in-trade or business inventory. Land held as project inventory in a property dealing and land development business falls outside the definition of capital asset. Where sale receipts have already been offered as business income and the books have not been rejected, the same receipts cannot also be assessed as long-term capital gains. Incorrect identification of the relevant land and an unsupported assumption of ownership cannot justify such treatment. Consequently, section 50C is inapplicable and the addition as long-term capital gain must be deleted. en-us Tue, 21 Apr 2026 00:00:00 +0530 Fri, 24 Apr 2026 08:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790404 Section 50C applies only where the transferred land is a capital asset, not stock-in-trade or business inventory. Land held as project inventory in a property dealing and land development business falls outside the definition of capital asset. Where sale receipts have already been offered as business income and the books have not been rejected, the same receipts cannot also be assessed as long-term capital gains. Incorrect identification of the relevant land and an unsupported assumption of ownership cannot justify such treatment. Consequently, section 50C is inapplicable and the addition as long-term capital gain must be deleted. Case-Laws Income Tax Tue, 21 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790404