Expense of plot of land treated as WIP hence income from its sale taxable under Business Income

D.C.I.T Vs Swastik Enterprises (ITAT Surat) ITAT Surat held that plot of land is reflected as asset as business WIP and also expenses incurred are also reflected as WIP. Accordingly, income from sale of land taxable under ‘Business Income’. Facts- During the assessment, AO observed that the assessee has shown LTCG on sale of land. The said plot of land was held by the assessee as stock in trade and not as an investment. Hence, AO alleged that profit on sale of land was taxable under ‘Business Income’ and not ‘Capital Gain’. Accordingly, AO passed an assessment order making addition...