Estimating rental value of unsold flats and notionally computing annual letting value unjustified

Coronate Constructions Vs PCIT (ITAT Mumbai) ITAT Mumbai held that unsold flats which are in stock in trade should be assessed under the head “business income” and there is no justification in estimating the rental value from those flats and notionally computing annual letting value under section 263 of the Act. Facts- The assessee company is into the business of purchasing and selling flats, carrying on developing activities as builders and developers, and is following work in progress method for declaring profit from construction projects. The assessee company filed the return o...