Unsold Flats Not Taxable as House Property Income for AY 2012-13: ITAT Mumbai

Chamber Construction Pvt. Ltd Vs DCIT (ITAT Mumbai) Mumbai, [Current Date]: The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has delivered a significant ruling favoring real estate developers, holding that the notional annual letting value (ALV) of unsold flats held as stock-in-trade cannot be taxed as “Income from House Property.” This decision, pronounced on November 30, 2018, overturns an order by the Commissioner of Income Tax (Appeals) [CIT(A)] that had upheld the Assessing Officer’s (AO) action of computing deemed income on unsold inventory for Chamber Constructi...