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2017 (7) TMI 370 - HC - Income TaxSale of plot - STCG OR LTCG - AO concluded that the Assessee had shown its assets as ‘stock in trade’ in order to avoid Section 50C - Held that:- There were only two properties shown as ‘stock in trade’ by the Assessee. The mere fact that the sale of the property in the earlier AY and the resultant reduction of the ‘stock in trade’ was not questioned by the AO will not relieve the Assessee from having to demonstrate that the sale of the plot in question in the AY under consideration was not by way of an investment resulting in short term capital gains. The Court is unable to find anything perverse in the factual and concurrent determination of the AO, the CIT(A) and the ITAT that the plot in question was the investment of the Assessee and not its ‘stock in trade’.
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