ITAT Mumbai Dismisses Revenue Appeal on Deemed Rent

ACIT Vs Haware Constructions Pvt. Ltd. (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has dismissed an appeal filed by the Assistant Commissioner of Income Tax (ACIT) against Haware Constructions Pvt. Ltd. for the Assessment Year 2014-15. The Revenue’s appeal challenged the decision of the National Faceless Appeal Centre (NFAC), which had deleted additions made by the Assessing Officer (AO) concerning deemed rental income on unsold flats and a disallowance under Section 14A of the Income Tax Act, 1961. Deemed Rental Income on Unsold Stock-in-Trade The first ground ...