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        Case ID :
        Income Tax

        Vacant unsold flats and shops held as stock-in-trade were...

        Notional annual letting value on vacant stock-in-trade is taxable, but must be computed by municipal rateable value principles.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Vacant unsold flats and shops held as stock-in-trade were treated as taxable under the head income from house property on a notional annual letting value basis, with computation required to follow municipal rateable value principles rather than an ad hoc percentage of investment. Unsupported business promotion expenditure was disallowed because no bills, vouchers or other documentary evidence were produced. The addition under section 43CA was deleted for assessment year 2017-18 because the variation between consideration and stamp valuation fell within the applicable tolerance band, which was held to apply retrospectively as a curative measure.
                                Note: It is a system-generated summary and is for quick reference only.
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                                  ActsIncome Tax
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