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Income Tax - Highlights / Catch Notes

Home Highlights August 2021 Year 2021 This

Gain on sale of land - Addition u/s 28(iv) - excess area of land ...

Income Tax

August 20, 2021

Gain on sale of land - Addition u/s 28(iv) - excess area of land received in partition - co-ownership in land - asset was shown in the balance sheet as capital asset but not stock in trade - the excess area of land received was not taxable u/s 28(iv) of the Act and there is no loss of revenue- AT

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