High Court of Bombay Considers Revenue's Appeal Against ITAT's Classification of Flat Sale Proceeds as Capital Gains. The core issue is whether sale of flats by a real estate developer constitutes business income or capital gains under the Income Tax Act, 1961, after the Assessing Officer had treated it as business income....
The appeal before the High Court of Bombay arose from an order of the Income Tax Appellate Tribunal (ITAT) which had held that the proceeds from the sale of flats by the respondent-assessee were to be...
