Case Law Details
Ankit Enterprises Vs DCIT (ITAT Pune)
ITAT in the case of Kumar Construction and Properties Private Limited (supra) followed the order of this Tribunal in the case of M/s. Mangal Murti Developers Ganesham (supra) and held no addition on account of deemed rent on unsold flats could be made. Therefore, following the same the assessment year being 2012-13, we, by holding the amendment brought in by Finance Act, 2017 w.e.f. 01-04-2018 is not applicable and no addition is maintainable on account of deemed rent on 12 unsold flats which is treated as stock-in-trade by the assessee. Thus, the order of CIT(A) is not justified and it is set aside. Accordingly, grounds raised by the assessee allowed.
FULL TEXT OF THE ORDER OF ITAT PUNE
This appeal by the assessee against the order dated 21-06-2018 passed by the Commissioner of Income Tax (Appeals)-11, Pune [„CIT(A)‟] for assessment year 2012-13.
2. The ld. AR submits that the assessee is not interested to prosecute ground No. 4. Accordingly, the same is dismissed as not pressed.
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