TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>ITAT Ahmedabad Rules Land Sale Income as Business Income, Not Capital Gains; Section 54F Deductions Denied.</h1> A recent ruling by the Income Tax Appellate Tribunal (ITAT) in Ahmedabad examined the distinction between capital gains and business income in the context of a taxpayer's land sale. The taxpayer, involved in property transactions through partnerships, faced scrutiny over whether income from a land sale should be classified as capital gains or business income. The tribunal determined that the land, initially a capital asset, was converted into stock-in-trade, reflecting a business motive. Consequently, the income was classified as business income, denying the taxpayer's claim for deductions under section 54F. This decision impacts real estate developers and taxpayers, emphasizing the importance of intent in income classification.
TaxTMI 
TaxTMI 