https://www.taxtmi.com/caselaws?id=367885 The Tribunal allowed the appeal, holding that the notional annual rental value on unsold flats held as stock-in-trade should be assessed under "Business Income," following the Gujarat HC decision. It distinguished the case from others cited by the Department, noting the assessee had not rented out the flats. The Tribunal emphasized adopting the view favoring the assessee when non-jurisdictional High Courts offer divergent opinions. Consequently, the Tribunal set aside the orders and allowed the appeals for both assessment years, determining that the notional rental income should be assessed under "Business Income." en-us Wed, 12 Sep 2018 00:00:00 +0530 Fri, 12 May 2023 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367885 The Tribunal allowed the appeal, holding that the notional annual rental value on unsold flats held as stock-in-trade should be assessed under "Business Income," following the Gujarat HC decision. It distinguished the case from others cited by the Department, noting the assessee had not rented out the flats. The Tribunal emphasized adopting the view favoring the assessee when non-jurisdictional High Courts offer divergent opinions. Consequently, the Tribunal set aside the orders and allowed the appeals for both assessment years, determining that the notional rental income should be assessed under "Business Income." Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367885