ITAT Directs AO to Exclude Sold & Advance-Received Flats from Stock

La Kozy Builders LLP Vs ACIT (ITAT Mumbai) La Kozy Builders LLP appealed against the order of the Commissioner of Income Tax (Appeals) concerning the assessment year 2016-17. The assessee, engaged in land development and building construction, declared its income in the original return filed on October 17, 2016. However, the case was selected for scrutiny due to the nature of its real estate business and high closing stock. During the assessment, the Assessing Officer determined the gross annual value of 34 unsold flats held as stock in trade and added it to the income under the head “in...