Section 56(2)(x) Inapplicable To Stock-In-Trade Purchases; Reassessment Proceedings Quashed and Supreme Court Dismisses Revenue SLP
Section 56(2)(x) Inapplicable To Stock-In-Trade Purchases; Reassessment Proceedings Quashed and Supreme Court Dismisses Revenue SLP Issue Whether Section 56(2)(x) applies to land acquired and held as stock-in-trade by a real estate developer, and whether reassessment under Section 148 initiated without new tangible material on previously examined stock transactions is sustainable. Facts Business & Transaction: The… Read More »