Case Law Details
Case Name : Dr. M. Senthilvelan Vs ACIT (ITAT Chennai)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Chennai
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Dr. M. Senthilvelan Vs ACIT (ITAT Chennai)
The only issue involved in this appeal is whether the assessee has to pay capital gains to the disputed conversion of land into stock-in-trade. According to the A.O, the assessee converted a land which is stock-intrade and sold the plots. According to the A.O, the land sold by the assessee attracts the provisions of the capital gains hence capital gains have to be taxed. The case of the assessee is that the land which is converted by the assessee which is 8.5 K.M away from the Chidambaram Municipality and therefore, he does not come to the ambit of ...
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