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2017 (6) TMI 588 - AT - Income TaxGain/loss on sale of assessee’s share in agricultural land at Aurangabad - section 50C applicability - Held that:- There is no merit in the stand of the Assessing Officer that the gain is to be assessed as short term capital gains and accordingly, the said stand taken by the Assessing Officer is thus rejected. Since the assessee had carried out the said transaction being adventure in the nature of trade then profit/loss arising there from is to be assessed as income from business and once it is so assessed then there is no merit in applying the provision section 50C(1) of the Act. - Decided in favour of assessee.
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