Land not a Capital Asset but a “Work-in-Progress” for Real Estate Company, Expenses to be treated as Revenue Expenditure: ITAT

By Devanand T R - On June 4, 2023 6:45 am - 2 mins read
Land - Capital Asset - Work-in-Progress - Real Estate Company - Expenses - Revenue Expenditure -Expenses to be treated as Revenue Expenditure - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that Land is not a Capital Asset but a ‘Work-in-Progress’ for a Real Estate Company. It was also observed that the Expenses incurred in connection with the same shall be treated as Revenue Expenditure. The assessee company filed nil return wherein the case was selected…

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