Appellate Tribunal Rules Sale Proceeds as Capital Gains, Qualifies for Exemption u/s 54F and 54.

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....The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the transactions were part of a land transfer for development by a builder, not a business activity by the assessee. The long-term capital gain from the land transfer was eligible for exemption u/s 54F as the proceeds were reinvested in residential flats. Flats sold within 36 months attracted short-term capital gain, while those held longer qualified for long-term capital gain benefit u/s 54. The Tribunal upheld the decision that the transactions were capital gains, not business receipts, and dismissed the revenue's appeals. Additionally, the valuation report supported the assessee's inv.........