Tag Archives: residential house

Flats held as stock in trade are not second residential house, Section 54F allowed

By | November 2, 2016

Held Any stock in trade by profession is excluded from the definition of capital asset and in these circumstances the contention of the Revenue is that stock in trade is also included for applicability of Section 54F of the Act, in our view, cannot be accepted. HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mangalore v.… Read More »