https://www.taxtmi.com/caselaws?id=290483 The Tribunal allowed the appeal of the assessee, ruling that notional income from unsold flats held as stock-in-trade should not be taxed under "Income from House Property." The addition of Rs. 11,59,200/- was deleted, emphasizing that only actual income can be taxed as per the Income Tax Act. The decision was based on precedents and the principle that hypothetical income is not taxable. The appeal was allowed in favor of the assessee. en-us Thu, 05 Sep 2019 00:00:00 +0530 Wed, 30 Sep 2020 08:14:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290483 The Tribunal allowed the appeal of the assessee, ruling that notional income from unsold flats held as stock-in-trade should not be taxed under "Income from House Property." The addition of Rs. 11,59,200/- was deleted, emphasizing that only actual income can be taxed as per the Income Tax Act. The decision was based on precedents and the principle that hypothetical income is not taxable. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290483