Method of computation of business income - sale of flat -...
Court Reexamines Tax Method for Flat Sale: FMV as LTCG, Excess as Business Income.
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Income TaxJuly 11, 2019Case LawsAT
Method of computation of business income - sale of flat - conversion of land into stock-in-trade - assessee claimed that FMV on the date of conversion of land into stock-in-trade is liable to be taxed as LTCG and excess consideration accrued/ received over and above FMV is liable to be taxed as business income - remanded to redetermined the tax liability