Unsold Flats as Stock-in-Trade Not Taxable as House Property Income in AY 2009-10

ACIT Vs Haware Construction Pvt. Ltd. (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai bench, has issued a consolidated order addressing appeals filed by the Revenue against Haware Construction Pvt. Ltd. concerning assessment years 2009-10 and 2011-12. The proceedings, arising from assessments under Sections 143(3) and 147 of the Income Tax Act, 1961, revolved around the validity of re-opening assessments, disallowances for alleged bogus purchases, the treatment of unsold flats held as stock-in-trade, and expenses related to exempt income. Assessment Year 2009-10: Key Disputed Issues...