Man gets flats under builder deal, transfers 5 to wife; gets Rs 4.14cr tax notice
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The assessing officer made two major additions in this case. The first, Rs 1,93,78,293, was treated as long-term capital gains on the ground that the man had converted a capital asset into stock-in-trade. The second, of Rs 2,20,98,985, was treated as business income arising from ...
The assessing officer made two major additions in this case. The first, Rs 1,93,78,293, was treated as long-term capital gains on the ground that the man had converted a capital asset into stock-in-trade. The second, of Rs 2,20,98,985, was treated as business income arising from the alleged sale of that stock-in-trade.
Original Source
https://timesofindia.indiatimes.com/business/india-business/man-enters-jda-for-land-gets-6-flats-from-builder-and-transfers-5-to-wife-but-gets-tax-notice-itat-delhi-deletes-rs-4-14-crore-additions-after-finding-no-stock-in-trade-conversion-or-sale/articleshow/134708592.cms
