S. 50C Not Apply To Asset held as Stock-In-Trade

The Commissioner of Income-tax (Appeals) and the Tribunal on analysis of the facts of the case have reached to the conclusion that section 50C has no application as it was a case of transfer of plots which was stock in trade. An income earned from such transaction is liable to be taxed as income from business activity. Allahabad High Court INCOME TAX APPEAL DEFECTIVE No. – 1 of 2012  Commissioner Of Income Tax-II V/s. M/S Kan Construction And Colonizers (P) Ltd. Order The above appeal has been preferred under section 260A of the Income Tax Act and is directed against the judgement and ...