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 comp

Please become a Premium member. If you are already a Premium member, login here to access the full content.