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Profit/ loss on sale of land held as stock-in-trade is assessable under Income from business or profession
Case Law Details
- Case Name
- Shrijee Developers Ltd. Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- All ITAT, ITAT Chennai
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Shrijee Developers Ltd. Vs ITO (ITAT Chennai)
ITAT Chennai held that profit or loss derived from sale of land held as stock-in-trade is assessable under the head ‘income from business or profession’ and not under ‘capital gains’.
Facts- During AY 2003-04, the assessee company had transferred a land at Vadapalani to M/s.Macro Marvel Projects Ltd., Chennai, for a consideration of Rs.2.46 crs. and computed long term capital loss at Rs.10,58,177/- after claiming indexed cost of acquisition.
AO noticed that the assessee main business activity is construction and real estate...
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