Allowing the appeal of the assessee the Tribunal held that the assessee was not finding the buyer to sell the property which was kept as stock in trade. The business was not closed. Depreciation and vehicle expenses are allowable as business expenditure. Revision order is quashed. (AY.2014.15)
Noor Resorts Pvt. Ltd. v. PCCIT (2021) 209 TTJ 380 /198 DTR 161 (Chd.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchase and sale of properties-Stock in trade-Rental income is assessed as business income-Disallowance of depreciation and vehicle expenses-Revision order was quashed. [S. 28(i), 32, 37(1), 56, 143(3)]