ITAT deletes Notional ALV Addition on Unsold Flats as Stock-in-Trade

Runwal Constructions Vs DCIT (ITAT Mumbai) Introduction: The recent order by the Income Tax Appellate Tribunal (ITAT) Mumbai in the case of Runwal Constructions vs DCIT has significant implications. The appeals, arising from orders dated 10-08-2017, involve a dispute over the addition of notional Annual Letting Value (ALV) on unsold flats held as stock-in-trade by Runwal Constructions. Detailed Analysis: 1. Background: Runwal Constructions, a partnership firm engaged in the business of builders and developers, faced scrutiny during assessment. The assessing officer proposed the addition of not...