Addition under the head ‘income from house property - property ...

Vacant business property classified as inventory not taxable under Income Tax Act Section 23(1) FMV rules.

July 19, 2019

Case Laws Income Tax AT

Addition under the head ‘income from house property - property not forming part of block of assets - property was purchased for the purpose of resale and lying vacant under head ‘inventory’ and meanwhile used for purpose of business then The FMV of the property used by appellant for business purpose admittedly cannot be determined u/s 23(1) - not taxable

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Addition under the head ‘income from house property - property ...

Vacant business property classified as inventory not taxable under Income Tax Act Section 23(1) FMV rules.

July 19, 2019

Case Laws Income Tax AT

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