Interest on Loan for Land purchased and shown as Stock in Trade is revenue expense

Model Properties Pvt. Ltd. Vs ACIT (ITAT Jaipur)

The fact of showing this land in the books of account as stock in trade is not in dispute, however, the ld. CIT(A) has denied the claim on the ground that the assessee has not undertaken any activity which could lead to the inference that the assessee was trading in immovable properties. Though, there was no sale by the assessee for all these years, therefore, the transaction in question is only the purchase of land however, to determine whether this is stock in trade or capital asset, the intention of the party has

Please become a Premium member. If you are already a Premium member, login here to access the full content.