ITAT Surat Upholds Section 263 Revision for Failure to Examine Notional Rent on Unsold Flats

Shree Infra Vs PCIT (ITAT Surat)

The Income Tax Appellate Tribunal (ITAT) Surat Bench has dismissed an appeal filed by Shree Infra, upholding an order by the Principal Commissioner of Income Tax (PCIT) that directed a fresh assessment for the Assessment Year 2018-19. The case revolves around the applicability of notional rental income on unsold flats held as stock-in-trade by the real estate developer.

The appeal, filed by Shree Infra, challenged the PCIT’s order dated February 23, 2024, which deemed the original assessment under Section 143(3) as erroneous and prejudi

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