Land Sale Reclassified: Profit Assessed as Business Income, Not Capital Gains, Due to Stock-in-Trade Status.

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....Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to derive the benefit of indexation, otherwise, all evidences including accounting system clearly suggest that impugned land sold by the assessee was stock-in-trade and profit or loss derived from sale of said land is assessable under the head ‘income from business or profession’. - AO as well as the Ld.CIT(A) were right to assess profit or loss derived from sale of land under the head ‘income from business or profession’ - AT....