https://www.taxtmi.com/caselaws?id=289748 The Tribunal allowed the appeal in favor of the assessee, setting aside the addition made by the AO under Section 23 of the Act. It held that unsold flats treated as stock in trade should not be subject to notional annual letting value under 'income from house property.' The Tribunal emphasized that such properties, when sold under 'income from business,' are not liable for notional tax based on ownership, aligning with relevant legal precedents. The decision effectively overturned the order of the CIT(A), which had upheld the AO's assessment. en-us Thu, 14 Feb 2019 00:00:00 +0530 Thu, 14 Nov 2024 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289748 The Tribunal allowed the appeal in favor of the assessee, setting aside the addition made by the AO under Section 23 of the Act. It held that unsold flats treated as stock in trade should not be subject to notional annual letting value under 'income from house property.' The Tribunal emphasized that such properties, when sold under 'income from business,' are not liable for notional tax based on ownership, aligning with relevant legal precedents. The decision effectively overturned the order of the CIT(A), which had upheld the AO's assessment. Case-Laws Income Tax Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289748