Notional Rent from Unsold Flats Taxable as Business Income for AY 2013-14 & 2014-15: ITAT Pune

Advertisement Cosmopolis Construction Vs ITO (ITAT Pune) Income Tax Appellate Tribunal (ITAT), Pune bench, has delivered a consolidated order addressing appeals filed by Cosmopolis Construction for the assessment years 2013-14 and 2014-15. The core dispute centered on whether notional rent from unsold residential units held as stock-in-trade by a builder-developer should be assessed as “Income from House Property” or “Profits and Gains from Business or Profession” under the Income Tax Act, 1961. The Tribunal, after reviewing arguments and judicial precedents, ruled i...