Unsold flats categorized as Stock in Trade should be assessed as ‘Business Income,’ not ‘Income from House Property: ITAT quashes Revision Order [Read Order]

Unsold flats - Stock in Trade should be assessed as '-Business Income-'Income - House Property-ITAT - Revision Order-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, while quashing the revision order, held that unsold flats categorized as stock in trade should be assessed as business income, not income from house property. The assessee, Coronate Constructions, conducts the business of purchasing and selling flats, carrying on developing activities as builders and developers, and is…

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