Since the cost of purchase is treated as investment in land, the ...

Unsold land value is closing stock, not a business loss. Section 71 does not apply to purchase-sale price difference.

February 4, 2019

Case Laws Income Tax AT

Since the cost of purchase is treated as investment in land, the assessee is allowed to carry forward the unsold value of land as closing stock - The assessee cannot treat the difference between purchase price and sales price as loss and is also not eligible to carry forward as business loss u/s 71

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Since the cost of purchase is treated as investment in land, the ...

Unsold land value is closing stock, not a business loss. Section 71 does not apply to purchase-sale price difference.

February 4, 2019

Case Laws Income Tax AT

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