Notional Rent on Unsold Stock Must Follow MRV-ITAT Mumbai Sends Issue Back to AO

Paramjit Singh Mohansingh Obhan Vs ACIT (ITAT Mumbai) Notional Rent on Unsold Stock Must Follow MRV-ITAT Mumbai Sends Issue Back to AO; Stock-to-Capital Conversion Not Taxable Pre-2019—ITAT Deletes 10% Profit Addition Tribunal partly allowed the appeal concerning two additions made in scrutiny assessment. AO had added Rs.7,37,275/- as deemed rent on unsold flats shown as closing stock by applying 8% of investment following Ansal Housing. Assessee argued that unsold units were stock-in-trade of completed projects at Karanjade & Ulwe, no rental income was earned, & Delhi High Court vi...