Tag: capital gain land

Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 …

In a recent judgment, ITAT Delhi has set aside penalty u/s 271(1)(c) and remanded the matter to CIT(A) for mistake of assessee not disclosing Long Term Capital Gain LTCG on the land comprised in the block of Factory Building sold. Case Law Details: ITA No. 5939/Del./2013 : Asstt. Year : 2009-10 …