Capital gain - nature of land sold - whether the land would not ...

High Court annuls AO's assessment, emphasizes thorough evidence review for land's capital asset status under tax law.

February 19, 2024

Case Laws Income Tax HC

Capital gain - nature of land sold - whether the land would not be covered under definition of capital asset as stated in Section 2(14)(iii)? - Despite being directed to re-examine the evidence, the AO issued a fresh assessment order, disregarding the ITAT's directions. The High Court quashed the assessment order and remanded the matter again to the AO, emphasizing the need for a thorough examination of evidence and compliance with statutory provisions.

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Capital gain - nature of land sold - whether the land would not ...

High Court annuls AO's assessment, emphasizes thorough evidence review for land's capital asset status under tax law.

February 19, 2024

Case Laws Income Tax HC

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