No addition of Notional annual rental value on unsold flats held as stock-in-trade

Cosmopolis Constructions Vs ACIT (ITAT Pune) ITAT held that no addition is maintainable on account of deemed rent on unsold flats which were treated as stock-in-trade by the assessee. FULL TEXT OF THE ORDER OF ITAT PUNE This appeal by the assessee against the order dated 04-02-2022 passed by the Commissioner of Income Tax (Appeals)-11, Pune [‘CIT(A)’] for assessment year 2015-16. 2. The assessee raised two grounds of appeal amongst which the only issue emanates for our consideration is as to whether the CIT(A) justified in confirming the addition made by the AO on account of deemed rent fr...