https://www.taxtmi.com/caselaws?id=398064 The Tribunal held that the Principal Commissioner of Income Tax's exercise of jurisdiction under Section 263 for notional rent on unsold flats was not sustainable. It found that the provision for notional rent on unsold stock of house property was inapplicable for the relevant assessment year. Emphasizing the debatable nature of the issue and the need to consider decisions of higher courts, the Tribunal allowed the appeal in favor of the assessee. The delay in pronouncing the order was attributed to the Covid-19 pandemic, following relevant rules and decisions of the Bombay High Court. en-us Mon, 13 Jul 2020 00:00:00 +0530 Fri, 04 Sep 2020 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398064 The Tribunal held that the Principal Commissioner of Income Tax's exercise of jurisdiction under Section 263 for notional rent on unsold flats was not sustainable. It found that the provision for notional rent on unsold stock of house property was inapplicable for the relevant assessment year. Emphasizing the debatable nature of the issue and the need to consider decisions of higher courts, the Tribunal allowed the appeal in favor of the assessee. The delay in pronouncing the order was attributed to the Covid-19 pandemic, following relevant rules and decisions of the Bombay High Court. Case-Laws Income Tax Mon, 13 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398064