Unsold Flats are Stock-in-Trade & Not Taxable as House Property Income

Girdharilal K. Lulla Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai bench, has allowed an appeal by assessee Girdharilal K. Lulla against an order from the Commissioner of Income Tax (Appeals) [CIT(A)] for the Assessment Year 2011-12. The dispute centered on the taxation of notional income from unsold residential and commercial units held by the assessee as stock-in-trade. Assessment Background Girdharilal K. Lulla operates a proprietary concern, M/s. Shri Ganesh Builders, engaged in the construction of residential-cum-commercial complexes. During the assessment proceedings...