https://www.taxtmi.com/highlights?id=99125 Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted. en-us Fri, 24 Apr 2026 10:10:20 +0530 Fri, 24 Apr 2026 10:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=99125 Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted. Highlights Income Tax Fri, 24 Apr 2026 10:10:20 +0530 https://www.taxtmi.com/highlights?id=99125