https://www.taxtmi.com/caselaws?id=445649 ITAT Mumbai set aside PCIT's revision order under section 263 regarding deemed rent on unsold flats held as stock-in-trade. PCIT contended that annual letting value of unsold inventory should be taxed as deemed rent under section 23(1)(a). However, ITAT held that AO properly investigated the matter following CBDT circular guidelines. Relying on SC precedent in Chennai Properties Investments Ltd. vs CIT, tribunal ruled that unsold flats held as stock-in-trade should be assessed under business income head, not as deemed rent under property income. PCIT's jurisdiction under section 263 was deemed unsustainable. Assessee's appeal was allowed. en-us Thu, 09 Nov 2023 00:00:00 +0530 Sat, 11 Nov 2023 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445649 ITAT Mumbai set aside PCIT's revision order under section 263 regarding deemed rent on unsold flats held as stock-in-trade. PCIT contended that annual letting value of unsold inventory should be taxed as deemed rent under section 23(1)(a). However, ITAT held that AO properly investigated the matter following CBDT circular guidelines. Relying on SC precedent in Chennai Properties Investments Ltd. vs CIT, tribunal ruled that unsold flats held as stock-in-trade should be assessed under business income head, not as deemed rent under property income. PCIT's jurisdiction under section 263 was deemed unsustainable. Assessee's appeal was allowed. Case-Laws Income Tax Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445649