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Registration Not Determinative; Stock-in-Trade Taxable on Possession & Consideration – Rs 10.81 Cr Deleted – ITAT Mumbai
Case Law Details
- Case Name
- ACIT Vs Vidhi Enterprises (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Vidhi Enterprises (ITAT Mumbai)
Registration of Assignment Deed Does Not Trigger Taxability – Stock-in-Trade Sale Taxable on Possession Consideration – ₹10.81 Cr Addition Deleted – ITAT Mumbai
AO taxed ₹10.81 Cr as business income in AY 2018-19 alleging sale of immovable property based on Insight Portal data and invoking Sec 43CA, treating registration of assignment deed as trigger point. CIT(A) deleted addition holding that property was stock-in-trade and entire consideration was received and possession handed over in FY 2013-14.
ITAT upheld CIT(A) observing...
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