Case Law Details
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 relief to the assessee. In the result, this ground is also dismissed.
INCOME TAX APPELLATE TRIBUNAL, DELHI
ITA No. 1865(Del)/2011- Assessment year: 2007- 08
Income Tax Officer
Vs.
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Please kindly tell the date from when the above judgement is have come into effectiveness.