THE ACIT, CORP CIRCLE-1(2), KOCHI vs. M/S.KNOWELL REALTORS INDIA P. LTD, KOCHI

In the result, the Revenue’s appeals are allowed

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

house property, which was accordingly held as a fixed (capital) asset, yielding rental income, and not as stock- in-trade (SIT). There had been no regular purchase and sale of property, as sought to be made by the Assessing Officer (AO), with each sale being accompanied by strong and definite reasons. The income had been regularly returned since

THE ACIT, CORP CIRCLE-1(2), KOCHI vs. M/S.KNOWELL REALTORS INDIA P. LTD, KOCHI

In the result, the Revenue’s appeals are allowed