Property Not Used for Business Purpose cannot be Treated as Business Assets: ITAT disallows Expenses [Read Order]

By Fathima Karama A.M - On May 13, 2023 5:00 pm - 2 mins read

Property Not Used for Business Purpose cannot be Treated as Business Assets - ITAT disallows Expenses - Property Not Used for Business Purpose - Business Assets - ITAT - Taxscan

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has disallowed the expenses holding that property which was not used for business purposes could not be treated as business assets. The assessee Dream Buildcon Pvt. Limited, had purchased a property which was ultimately sold in F.Y. 2009-10 for a total sale consideration of Rs.15 crores. Thereafter…

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