Sale of property held with commercial intent taxable as business income, Section 50C inapplicable

A. Jesu Rajendran Vs ITO (ITAT Chennai) Chennai ITAT allows Assessee’s appeal and deletes the addition of Rs. 2.39 Cr on account of short term capital gains from transfer of property, by holding the property sold by the Assessee to be a stock in trade and not a capital asset; Opines that the profit from sale of such property purchased with an intent to exploit commercially and sold as a stock in trade cannot be assessed to tax under the head capital gain and shall be assessed under the head, profit and gains of business or profession; Assessee-Individual, sold a property for consideration of...