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 ad

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