https://www.taxtmi.com/article/detailed?id=11307 Whether deemed rent under Section 23(4) applies to unsold flats held as stock-in-trade is examined: where a developer treated unsold flats as closing stock and did not let them out, no rental income arose and profits would be offered as business income on sale. The tribunal applied precedent to conclude that imputing annual value by way of deemed rent is inappropriate for inventory merely in passive possession and declined the addition based on fair market letting value. en-us Wed, 12 Apr 2023 09:36:21 +0530 Wed, 12 Apr 2023 09:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11307 Whether deemed rent under Section 23(4) applies to unsold flats held as stock-in-trade is examined: where a developer treated unsold flats as closing stock and did not let them out, no rental income arose and profits would be offered as business income on sale. The tribunal applied precedent to conclude that imputing annual value by way of deemed rent is inappropriate for inventory merely in passive possession and declined the addition based on fair market letting value. Articles Income Tax Wed, 12 Apr 2023 09:36:21 +0530 https://www.taxtmi.com/article/detailed?id=11307