#Land Development

ITAT Nagpur rules that land held as stock-in-trade in a land development business is not subject to capital gains tax under Section 50C, affirming business income treatment. The decision clarifies tax liability for developers and traders, ensuring consistent application of income tax provisions on trading assets.

MP High Court rules that administrative authorities must provide reasoned orders when rejecting layout applications, failing which the decision violates principles of natural justice. The court set aside a summary rejection and directed a fresh hearing, reinforcing procedural fairness in land development approvals.