https://www.taxtmi.com/highlights?id=74729 Income from house property - Determining the ALV of flats disclosed in the stock in trade as per the Accounting standards and policies being fallowed consistently by the assessee - ITAT held that the ALV of the unsold flats held as stock in trade should not be computed under the head "Income from Property" but should be assessed as business income. The ITAT relied on the amendment in the Finance Act 2017, which applied prospectively from the assessment year 2018-19, to support its decision. en-us Thu, 08 Feb 2024 08:12:03 +0530 Thu, 08 Feb 2024 08:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74729 Income from house property - Determining the ALV of flats disclosed in the stock in trade as per the Accounting standards and policies being fallowed consistently by the assessee - ITAT held that the ALV of the unsold flats held as stock in trade should not be computed under the head "Income from Property" but should be assessed as business income. The ITAT relied on the amendment in the Finance Act 2017, which applied prospectively from the assessment year 2018-19, to support its decision. Highlights Income Tax Thu, 08 Feb 2024 08:12:03 +0530 https://www.taxtmi.com/highlights?id=74729