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2018 (10) TMI 1500 - AT - Income TaxNature of income - Income from house property or busniss income - determination of ALV of the unsold units (both residential / commercial) - charging notional income as income from house properties in respect of unsold units (both residential / commercial), which were held by the appellant as its stock in trade - Held that:- Keeping in view the consistent stand of this Tribunal and respectfully following the same, we hold that if a immovable property in the shape of flats / shops is held as stock-in-trade, then it becomes part of trading operations for the assessee and as a natural corollary, any income derived there-from would be Business Income and not Income from House Property. Resultantly, the impugned additions as confirmed by first appellate authority stand deleted.
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