Case Law Details
Case Name : Income Tax Officer Vs. M/s M.G. Builders & Co. P. Ltd. (ITAT Delhi)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Delhi
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We find that the undisputed fact is that the premises are trading assets and have been shown as stock-in-trade. No rent has been received in respect of these unsold assets. The income from the properties have been shown and accepted to be taxable u/s 28. Unless specifically provided a notional income cannot be brought to tax. In other words, the concept of real income is applicable to computation of business income unless specifically provided otherwise. The assessee has not earned any income from the stock-in-trade. Therefore, we are of the view that the ld. CIT(Appeals) rightly allowed the r...
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