Notional Rent on Unsold Flats: Section 23(5) effective from AY 2018-19

Progressive Homes Vs ACIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai bench, has delivered a verdict in the case of Progressive Homes Vs. Assistant Commissioner of Income Tax (ACIT) for the Assessment Year 2012-13. The appeal by Progressive Homes challenged the Commissioner of Income Tax (Appeals)’s [CIT(A)] order, which confirmed significant additions to the assessee’s income, primarily concerning notional income from unsold residential flats and disallowances under Section 14A of the Income Tax Act, 1961. The case addresses a recurring point of contention between r...