Land not a Capital Asset but a “Work-in-Progress” for Real Estate Company, Expenses to be treated as Revenue Expenditure: ITAT

Land - Capital Asset - Work-in-Progress - Real Estate Company - Expenses - Revenue Expenditure -Expenses to be treated as Revenue Expenditure - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that Land is not a Capital Asset but a ‘Work-in-Progress’ for a Real Estate Company. It was also observed that the Expenses incurred in connection with the same shall be treated as Revenue Expenditure. The assessee company filed nil return wherein the case was selected…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now