Deemed rent for unsold flats cannot be treated as Income of Developer

Ankit Enterprises Vs DCIT (ITAT Pune) ITAT in the case of Kumar Construction and Properties Private Limited (supra) followed the order of this Tribunal in the case of M/s. Mangal Murti Developers Ganesham (supra) and held no addition on account of deemed rent on unsold flats could be made. Therefore, following the same the assessment year being 2012-13, we, by holding the amendment brought in by Finance Act, 2017 w.e.f. 01-04-2018 is not applicable and no addition is maintainable on account of deemed rent on 12 unsold flats which is treated as stock-in-trade by the assessee. Thus, the order of...