Registration Not Determinative; Stock-in-Trade Taxable on Possession & Consideration – Rs 10.81 Cr Deleted – ITAT Mumbai

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 that for real es...