https://www.taxtmi.com/caselaws?id=407757 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the notional rent under Section 23 of the Income Tax Act, 1961. The Tribunal emphasized that the unsold flats were held as stock-in-trade and not as rental properties, therefore the annual lettable value should not be taxed under "Income from House Property." The Tribunal referred to previous decisions and held that the addition was not justified for the assessment year in question. en-us Thu, 13 May 2021 00:00:00 +0530 Thu, 20 May 2021 14:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407757 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the notional rent under Section 23 of the Income Tax Act, 1961. The Tribunal emphasized that the unsold flats were held as stock-in-trade and not as rental properties, therefore the annual lettable value should not be taxed under "Income from House Property." The Tribunal referred to previous decisions and held that the addition was not justified for the assessment year in question. Case-Laws Income Tax Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407757