Annual Lettable Value of vacant property held as stock-in-trade is computed at NIL

Sugam Realty Limited Vs DCIT (ITAT Kolkata) ITAT Kolkata held that as per provisions of section 23(1)(c) the annual lettable value of the vacant property of unsold units/flats held as stock-in-trade by the assessee but remained vacant during the year is to be computed at Rs. NIL. Facts- The assessee is a private limited company engaged in the business of construction of properties. AO noticed that the assessee company owns various units as stock-in-trade and rent received from some of such flats has been offered to tax under the head ‘income from house property’. AO noticed that there are ...