https://www.taxtmi.com/caselaws?id=437728 The Tribunal held that the addition made by the AO on account of deemed rent from unsold units in closing stock was not justified. The decision was based on previous Tribunal orders and judicial precedents, establishing that notional annual rental value on unsold flats held as stock-in-trade should be treated as business income. The Tribunal emphasized the distinction between notional rental income and actual rental income earned by the assessee, ultimately ruling in favor of the assessee and allowing the appeal. en-us Wed, 11 Jan 2023 00:00:00 +0530 Fri, 12 May 2023 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437728 The Tribunal held that the addition made by the AO on account of deemed rent from unsold units in closing stock was not justified. The decision was based on previous Tribunal orders and judicial precedents, establishing that notional annual rental value on unsold flats held as stock-in-trade should be treated as business income. The Tribunal emphasized the distinction between notional rental income and actual rental income earned by the assessee, ultimately ruling in favor of the assessee and allowing the appeal. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437728