Deemed rent not applicable on unsold flats treated as stock-in-trade by builder

Pride and Expert Properties Private Limited Vs ACIT (ITAT Pune) The ITAT, Pune in Pride and Expert Properties Pvt. Ltd. v. ACIT [ ITA No.860/PUN/2022 dated February 14, 2023] has held that the order passed by the Appellate Authority, confirming the view of the Revenue Department is not justified on the grounds that the assessee had treated its unsold flats as stock-in-trade, thereby implying, that the profits on its sale would be offered as business income as no rental income was received by the assessee and hence, Section 23 (4) of the Income Tax Act, 1961 (“the IT Act”)  would not be le...