ITAT directs to compute Income earned from Sale of Property u/s 45(2) of Income Tax Act [Read Order]

In a recent case the chennai ITAT directed to compute income earned from the sale of property under Section 45(2) of the Income Tax Act, 1961
By Aparna. M - On March 22, 2024 10:02 pm - 2 mins read
ITAT - ITAT Chennai - Income tax - Sale of Property - Property sale income - TAXSCAN

The Chennai bench Income Tax Appellate Tribunal ( ITAT ) directed to compute income earned from sale of property under Section 45(2) of the Income Tax Act, 1961. The Assessee Dharani Developers Private Limited is engaged in the business of property development.  During the course of assessment proceedings, the Assessing Officer asked the assessee to explain…

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