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2016 (4) TMI 647 - ITAT MUMBAIAssessment of amount received on sale of premises as “Short Term Capital Gain” (STCG) - assessee declared STCG on sale of property u/s 50 - claim of the assessee is that the entire amount of STCG should be considered as business income and accordingly set off of brought forward business loss should be allowed against it. - Held that:- In the instant case, the sale proceeds realized over and above the cost of asset, in our view, cannot be categorized as business income under commercial principles; rather it represents capital receipt realized on sale of a capital asset as per the commercial principles. Hence, in our view, the assessing officer was justified in restricting the claim to the extent of ₹ 81,32,684/-. Accordingly, we uphold the order of Ld CIT(A) on this issue. - Decided against assessee
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