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

Unsold land value is closing stock, not a business loss. Section 71 does not apply to purchase-sale price difference. https://www.taxtmi.com/highlights?id=44302 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 en-us Mon, 04 Feb 2019 09:42:53 +0530 Mon, 04 Feb 2019 09:42:53 +0530 TaxTMI RSS Generator Unsold land value is closing stock, not a business loss. Section 71 does not apply to purchase-sale price difference. https://www.taxtmi.com/highlights?id=44302 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 Highlights Income Tax Mon, 04 Feb 2019 09:42:53 +0530 https://www.taxtmi.com/highlights?id=44302