https://www.taxtmi.com/caselaws?id=400463 The Tribunal ruled that the Annual Lettable Value (ALV) of unsold flats held as stock-in-trade by the assessee, a real estate developer, could not be taxed under the head 'house property'. It set aside the CIT(A)'s orders and directed the AO to delete the ALV additions for A.Y. 2014-15 and A.Y. 2015-16. The Tribunal favored the precedent set by the Gujarat High Court, which treats rental income from stock-in-trade as business income. Consequently, the appeals were allowed in favor of the assessee, and the issue of notional income was dismissed as academic. en-us Tue, 03 Nov 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400463 The Tribunal ruled that the Annual Lettable Value (ALV) of unsold flats held as stock-in-trade by the assessee, a real estate developer, could not be taxed under the head 'house property'. It set aside the CIT(A)'s orders and directed the AO to delete the ALV additions for A.Y. 2014-15 and A.Y. 2015-16. The Tribunal favored the precedent set by the Gujarat High Court, which treats rental income from stock-in-trade as business income. Consequently, the appeals were allowed in favor of the assessee, and the issue of notional income was dismissed as academic. Case-Laws Income Tax Tue, 03 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400463