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Unsold Flats Not Taxable as House Property Income for AY 2012-13: ITAT Mumbai
Case Law Details
- Case Name
- Chamber Construction Pvt. Ltd Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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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 C...
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