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Court Reexamines Tax Method for Flat Sale: FMV as LTCG, Excess as Business Income.

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Full Text of the Document

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....Method of computation of business income - sale of flat - conversion of land into stock-in-trade - assessee claimed that FMV on the date of conversion of land into stock-in-trade is liable to be taxed as LTCG and excess consideration accrued/ received over and above FMV is liable to be taxed as business income - remanded to redetermined the tax liability....

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