Income from property held as stock would be income from business

DCIT Vs Ashrita Construction Pvt. Ltd. (ITAT Ahmedabad) it is pertinent to note that the assessee has shown closing stock of Rs.24,55,10,895/- and received building use permission in respect of the same. It is undisputed fact that the assessee is engaged in the business of construction and only profit on sale of constructed unit are shown as business income whereas unsold units which are shown as stock in trade forms the part of business of the assessee. The CIT(A) has rightly held that since the assessee was a developer and held the unit in questions income from such unit can be taxed as only...