Addition of Income on Unsold Flats held as Stock in Trade of Business of a Builder and Developer is not permissible: ITAT [Read Order]

Income - Unsold Flats - Stock - Trade - Business - Builder - Developer - ITAT - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the percentage completion method of Revenue recognition practised by Builder is acceptable as per Accounting Standards. The assessee was represented by Shri Suchek Ancheliya and the Department was represented by Shri Hoshang B. Irani. M/s Gopuram Developers, the assessee is a builder…

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