https://www.taxtmi.com/caselaws?id=431757 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of income from house property for the Assessment Year 2016-17. The ITAT determined that the unsold units were considered stock in trade, and income derived from them should be taxed as business income, not income from house property. The decision emphasized that if a property is used as stock in trade, the income from it is classified as business income, following the precedent set by the Gujarat High Court. en-us Wed, 07 Dec 2022 00:00:00 +0530 Tue, 20 Dec 2022 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431757 The ITAT dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition of income from house property for the Assessment Year 2016-17. The ITAT determined that the unsold units were considered stock in trade, and income derived from them should be taxed as business income, not income from house property. The decision emphasized that if a property is used as stock in trade, the income from it is classified as business income, following the precedent set by the Gujarat High Court. Case-Laws Income Tax Wed, 07 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431757