High Court Sends Case Back to ITAT for Review on Property Sale Gains: Capital Asset or Stock in Trade?

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Full Text of the Document

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....Characterization of gain on sale of property - nature of transaction - transfer of capital assets or transfer of stock in trade - ITAT has without examining any of the relevant factors confirmed that the transaction was transfer of stock in trade. - The High Court has also failed to appreciate that even in the event of acceptance of claim made by the assessee, the differential amount on account of reduction in sale consideration of development rights was to be assessed in the current year as either capital gain or business income. - Matter restored back to ITAT - SC....