No Provision under “Profits and Gains from business or profession” deems Rent from Unsold Flats held as Stock as ‘Business income’: ITAT [Read Order]

profits and Gains from business - Profit and Gains from profession - - Rent from Unsold Flats - Stock - Business income - ITAT - Income Tax - Taxscan

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has upheld the decision of Commissioner of Income Tax (CIT(A) that there were no provisions under Profits and Gains from Business or Profession which treat Rent from Unsold Flats held as Stock as ‘Business income’. The assessee-Shah Bafna Associates, firm was a Promoter, Builder and Developer,…

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