https://www.taxtmi.com/caselaws?id=357596 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to charge deemed income based on the Annual Letting Value (ALV) of unsold flats treated as closing stock. The Tribunal rejected the Assessees' arguments challenging the addition made by the Assessing Officer, emphasizing that the ALV method for assessment was reasonable and in accordance with the Income Tax Act. Relying on the precedent set by the Hon'ble Delhi High Court, the Tribunal dismissed the appeals and affirmed the assessment of deemed income based on the ALV of unsold flats. en-us Wed, 21 Mar 2018 00:00:00 +0530 Mon, 26 Mar 2018 08:37:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357596 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to charge deemed income based on the Annual Letting Value (ALV) of unsold flats treated as closing stock. The Tribunal rejected the Assessees' arguments challenging the addition made by the Assessing Officer, emphasizing that the ALV method for assessment was reasonable and in accordance with the Income Tax Act. Relying on the precedent set by the Hon'ble Delhi High Court, the Tribunal dismissed the appeals and affirmed the assessment of deemed income based on the ALV of unsold flats. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357596