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No Tax on Deemed Rent of Unsold Flats as Builder Treated Them as Business Stock: ITAT Pune
Case Law Details
- Case Name
- Khinvasara Chavan Vs ACIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
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Khinvasara Chavan Vs ACIT (ITAT Pune)
ITAT Deletes Notional Rent Addition Because Unsold Flats Were Held as Stock-in-Trade; ITAT Removes Addition on Unsold Flats Holding That Stock-in-Trade Cannot Generate Notional House Property Income; Deemed Rental Income Cannot Be Applied to Unsold Builder Inventory; ITAT Grants Relief on Unsold Flats Because Properties Were Not Let Out.
The appeal before the Pune Bench of the Income Tax Appellate Tribunal (ITAT) concerned Assessment Year 2017-18 and arose from an order passed by the Commissioner of Income Tax (Appeals)/NFAC dated 18.08.20...
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