Unfinished Building is ‘Capital Asset’, subject to Income Tax on Sale along with Land: ITAT [Read Order]

Unfinished Building - Capital Asset - Income Tax - Sale - Land - ITAT - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT), while dismissing a second appeal by the assessee, held that an unfinished building is included within the meaning of “capital asset” under the Income Tax Act, 1961 and the same is subject to income tax on its sale along with the land. The assessee, Sri.Thayappa…

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