https://www.taxtmi.com/caselaws?id=304602 The Tribunal ruled in favor of the Assessee in the case. It directed the Assessing Officer to delete the addition of deemed income from house property lying in stock-in-trade and disallowance of interest payment. The Tribunal held that income from properties held as stock-in-trade should be assessed as business income, not income from house property. It also emphasized the necessity of supporting evidence for interest payments in business transactions. en-us Tue, 18 Dec 2018 00:00:00 +0530 Mon, 10 Oct 2022 10:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304602 The Tribunal ruled in favor of the Assessee in the case. It directed the Assessing Officer to delete the addition of deemed income from house property lying in stock-in-trade and disallowance of interest payment. The Tribunal held that income from properties held as stock-in-trade should be assessed as business income, not income from house property. It also emphasized the necessity of supporting evidence for interest payments in business transactions. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304602