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Income from unsold flats held as stock taxable as Income from House property
Case Law Details
- Case Name
- DCIT Vs Shah Bafna Associates (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-2015
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DCIT Vs Shah Bafna Associates (ITAT Pune)
It is seen that the assessment year under consideration is 2014-15. The Finance Act, 2017 introduced subsection (5) to section 23 providing that where a property held as stock in trade is not let out during the year, its annual value, after a period of one year or as revised to two years, shall be considered for the purposes of inclusion under the head `Income from House property’. This amendment has been brought out w.e.f. 01-04-2018. Thus, this provision manifestly does not apply to the assessment year under consideration. Prior ...
