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2023 (2) TMI 800 - ITAT BANGALORECorrect head of income - profit earned from the sale of flat in Ramya Residency through JDA - income from short term capital gain/long term capital gain or income from business - assessment has been settled by the assessee under VSVS Scheme, 2020 - HELD THAT:- As full and final settlement of tax arrears u/s 5(2) r.w.s. 6 of Direct Tax Vivad Se Vishwas Act, 2020 in Form 5 has been passed by the Principal Commissioner of Income Tax (Central), Bengaluru confirming the payment under VSVS scheme, 2020. Thus, it means that assessment of income from “Ramya Residency” project has been accepted by the department as income from short term capital gain. Being so, lower authorities are not justified to treat the profit from same Ramya Residency as income from business instead of claim of assessee as income from short term capital gain/long term capital gain as the case may be in the assessment order passed u/s 143(3) - Accordingly, we direct the AO to treat the income from profit earned from the sale of flat in Ramya Residency through JDA as income from short term capital gain/long term capital gain only instead of income from business.
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