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No Deemed Rent Addition for Unsold Flats declared as Stock In Trade
Case Law Details
- Case Name
- Dugad Properties Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
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Dugad Properties Vs DCIT (ITAT Pune)
Assessee has shown closing stock of 4,17,41,686/- as on 3 1-03-2015. According to the AO, the assessee has shown value of 9 unsold flats at Rs. 1,81,18,000/- with total area at 9059 sq. ft. The AO was of the opinion that the assessee completed construction of the said flats and possession also given to the flat owners, but did not offer deemed rent on completed and unsold 9 flats. The CIT(A) confirmed the order of AO in making addition of Rs.8,84,234/- on account of deemed rent u/s. 23(4) of the Act. Before us, the ld. AR drew our attention to orders of thi...
