https://www.taxtmi.com/caselaws?id=417576 The Tribunal ruled in favor of the assessee, directing the deletion of the addition of Rs. 8,52,902 made under the head "Income from House Property" for the assessment year 2015-16. It held that income from unsold flats held as stock-in-trade should be categorized as "Business Income" rather than "Income from House Property," in accordance with the specific computational mechanism governing taxation. The Tribunal emphasized that the Finance Act, 2017 amendment introducing the inclusion of annual value of unsold properties under "Income from House Property" was not applicable for the relevant assessment year. en-us Tue, 18 Jan 2022 00:00:00 +0530 Thu, 27 Jan 2022 08:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417576 The Tribunal ruled in favor of the assessee, directing the deletion of the addition of Rs. 8,52,902 made under the head "Income from House Property" for the assessment year 2015-16. It held that income from unsold flats held as stock-in-trade should be categorized as "Business Income" rather than "Income from House Property," in accordance with the specific computational mechanism governing taxation. The Tribunal emphasized that the Finance Act, 2017 amendment introducing the inclusion of annual value of unsold properties under "Income from House Property" was not applicable for the relevant assessment year. Case-Laws Income Tax Tue, 18 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417576