The Times of India

Man gets flats under builder deal, transfers 5 to wife; gets Rs 4.14cr tax notice

The assessing officer made two major additions in this case. The first, Rs 1,93,78,293, was treated as long-term capital gains on the ground that the man had converted a capital asset into stock-in-trade. The second, of Rs 2,20,98,985, was treated as business income arising from the alleged sale of that stock-in-trade.