Income from Sale of Land held as Stock in Trade taxable under Business Income When Expenses incurred shown under WIP: ITAT [Read Order]

Income - taxable - business - income - WIP - ITAT - TAXSCAN

The Surat Bench of the Income Tax Appellate Tribunal (ITAT), held that income from Sale of land held as stock in trade taxable under business income when expenses incurred shown under Work In Progress (WIP). The assessee,Swastik Enterprisesis a partnership firm, engaged in the business of construction and development of property. The assessee filed its…

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