Prior Period Income from Sale of Property chargeable to Income Tax in the year of Sale: ITAT [Read Order]

By Aparna. M - On October 24, 2023 9:00 pm - 2 mins read

Sale of Property - Prior Period Income - Income from Sale of Property - ITAT - ITAT DELHI - INCOME TAX - INCOME TAX ACT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while directing the matter of the assessee for readjudication, held that prior period income from the sale of property shall be chargeable to tax in the year in which the sale was undertaken. The assessee, Economical Credit & Construction Co. Pvt. Ltd., has credited an amount of…

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Topics

Accountant Member M.Balaganesh AO Chandra Mohan Garg CIT(A)Income Tax Income Tax Act ITAT Delhi Sale of Property