Sale of land to be treated as business income if it was held as stock-in-trade in books of account

INCOME TAX : Where main object of assessee company was to acquire purchase take on lease or otherwise any land building, structures, plot to act as real estate agents in connection with buildings schemes and also to be colonizers to sale plots and flats and having acquired land as stock-in-trade, land continued to be held for business purpose and continued to be shown as closing stock for all years,

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