No addition towards notional rent as residential asset held as stock-in-trade

ACIT Vs Balkrishna Shanmugham Chettiar Alias S. Balan (ITAT Pune) ITAT Pune held that addition of notional rental not sustainable as the residential assets held in stock-in-trade. Facts- In the present issue, the revenue has challenged the issue of deemed rental income on the assessee’s vacant flats involving Rs.7,17,360/-; assessed as house property income. Notably, the CIT(A) has decided in the assessee’s favour. Conclusion- As the assessee admittedly did not earn any rental income from letting out of these two units, M/s. Shree Balaji Ventures the AO, taxing any hypothetical income, whi...