Deemed rent concept not applies to property held as stock-in-trade

ACIT Vs Shoppers Buildcon Private Ltd (ITAT Ahmedabad) Facts- The assessee is engaged in the business of construction and development of commercial and residential projects. A search u/s. 132 was conducted in the cases belonging to the Sewani Group, including the assessee, on 09.09.2015. Pursuant to the said action, a notice under Section 153A of the Act was issued to the assessee on 29.08.2016. The assessee filed its return of income for the year under consideration on 17.10.2016 declaring a total income of Rs.80,25,440/-. During the course of search conducted at the premises of the assessee ...