2022 (1) TMI 1361

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....ue : Shri S.P. Walimbe ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 08-06-2017 passed by the Commissioner of Income Tax (Appeals)-4, Pune [„CIT(A)‟] for assessment year 2014-15. 2. The assessee raised two grounds amongst which the only issue emanates for our consideration is as to whether the CIT(A) justified in confirming the ad....

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....o an extent of Rs.27,97,200/-. The CIT(A) confirmed the same. According to ld. AR that the issue is covered in favour of the assessee and the addition made by the AO as confirmed by the CIT(A) is not maintainable and the assessee recognized unsold flats as stock-in-trade. The ld. AR placed on record of order of this Tribunal in the case of Kumar Properties and Real Estate Private Limited in ITA No....

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....t any business or profession should be carried on by the assessee. We note that the assessee filed return showing income from such business and also engaged in the business of property development. The third condition is that the occupation of the property should be for the purpose of business or profession wherein the assessee before us shown the said 37 unsold flats as stock in trade. The last c....