Deemed notional rent in respect of unsold flats held as stock in trade applicable wef AY 2018-19

Sheth Developers Private Limited Vs DCIT (ITAT Mumbai)

It is not in dispute that the unsold flats lying in the balance sheet with the assessee were held as stock in trade by the assessee. It is not in dispute that the sale of flats shall be assessable as business income in the hands of the assessee, being stock in trade. We find that the provisions of Section 23(5) of the Act had been introduced in the statute for taxability of notional rent in respect of properties held as ‘stock in trade’, has been introduced only from

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