No addition of notional annual rent of unsold flats held in stock-in-trade

M/s. Kolte Patil I-Ven Townships Vs ACIT (ITAT Pune) The issue in the present case is with respect to addition under the head ‘income from house property’ on the 32 unsold flats/shops by the assessee. It is an undisputed fact that assessee is in the business of Civil Engineers, Builders and Developers and had in the closing stock of 32 unsold flats. It is also an undisputed fact that these 32 flats were vacant and no rental income was derived by the assessee during the year under consideration. We find that Hon’ble Gujarat High Court in the case of CIT Vs. Neha Builders Pvt. Ltd., report...