ITAT Mumbai Upholds Tax on Notional Rent for Unsold Flats Held as Stock-in-Trade

Dimple Enterprises Vs DCIT (ITAT Mumbai) The assessee appealed against the order of the Commissioner of Income-tax (Appeals) for Assessment Year 2016-17 challenging the assessment of ₹63,58,756 as notional income under Section 22 of the Income-tax Act on unsold flats and shops held as stock-in-trade. The assessee also disputed the computation of the Annual Letting Value (ALV) based on the cost of construction and contended that the Municipal Rateable Value ought to have been adopted. The assessee further submitted that income arising from stock-in-trade should be assessed under the head R...