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Notional income cannot be brought to tax on properties shown and accepted to be taxable u/s 28
Case Law Details
- Case Name
- Income Tax Officer Vs. M/s M.G. Builders & Co. P. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007- 08
- Courts
- All ITAT, ITAT Delhi
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We find that the undisputed fact is that the premises are trading assets and have been shown as stock-in-trade. No rent has been received in respect of these unsold assets. The income from the properties have been shown and accepted to be taxable u/s 28. Unless specifically provided a notional income cannot be brought to tax. In other words, the concept of real income is applicable to computation of business income unless specifically provided otherwise. The assessee has not earned any income from the stock-in-trade. Therefore, we are of the view that the ld. CIT(Appeals) rightly allowed the r...
Please kindly tell the date from when the above judgement is have come into effectiveness.