https://www.taxtmi.com/caselaws?id=446037 The ITAT Mumbai ruled on two key issues involving a real estate developer. For additions under section 43CA regarding undervalued property sales, the tribunal found no addition warranted for two specific flats as the sale price and market value difference did not exceed 10%. However, citing the burden of proof principle from Punjab & Haryana HC in Chandani Bhuchar case, the matter was remanded to the AO for verification of remaining transactions since neither the revenue proved higher consideration nor the assessee provided documents excluding cash payments. On deemed rent taxation under sections 22 and 23, the tribunal upheld the AO's determination of annual letting value for unsold flats held as stock-in-trade, rejecting the assessee's claim for exemption and following precedents from Delhi HC and Bombay HC that established liability for deemed rent on unsold inventory. en-us Fri, 25 Aug 2023 00:00:00 +0530 Thu, 23 Nov 2023 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446037 The ITAT Mumbai ruled on two key issues involving a real estate developer. For additions under section 43CA regarding undervalued property sales, the tribunal found no addition warranted for two specific flats as the sale price and market value difference did not exceed 10%. However, citing the burden of proof principle from Punjab & Haryana HC in Chandani Bhuchar case, the matter was remanded to the AO for verification of remaining transactions since neither the revenue proved higher consideration nor the assessee provided documents excluding cash payments. On deemed rent taxation under sections 22 and 23, the tribunal upheld the AO's determination of annual letting value for unsold flats held as stock-in-trade, rejecting the assessee's claim for exemption and following precedents from Delhi HC and Bombay HC that established liability for deemed rent on unsold inventory. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446037