Addition of notional rent in respect of unsold flats held as stock-in trade is not valid

Advertisement DCIT Vs. Bengal Shapoorji Housing Development Pvt. Ltd. (ITAT Mumbai) The ld. A.R assailed the assessing of the ALV of the flats that were held by the assessee firm, a real estate developer, as it stock-in-trade of its business for the year under consideration. It was the claim of the ld. A.R that as the flats in question were held by the assessee firm as stock-in-trade and not as an investment, therefore, the ALV of the same could not have been determined and brought the tax in its hands. It was submitted by the ld. A.R that the issue involved in the present appeal was square...