https://www.taxtmi.com/caselaws?id=312226 ITAT Mumbai allowed the assessee's appeal against CIT's revision under Section 263. The case involved determination of Annual Letting Value (ALV) of flats held as stock-in-trade under income from house property for A.Y. 2017-18. CIT held that AO erroneously excluded ALV of flats from taxation under house property income. ITAT ruled that deemed provisions for taxing ALV of stock-in-trade property applied from A.Y. 2018-19 under Finance Act 2017, not the assessment year in question. The revision order failed to meet twin conditions of being erroneous and prejudicial to revenue interest, as the issue was debatable and AO had applied mind to assessee's contentions during assessment proceedings. en-us Wed, 25 Jan 2023 00:00:00 +0530 Wed, 07 Feb 2024 17:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312226 ITAT Mumbai allowed the assessee's appeal against CIT's revision under Section 263. The case involved determination of Annual Letting Value (ALV) of flats held as stock-in-trade under income from house property for A.Y. 2017-18. CIT held that AO erroneously excluded ALV of flats from taxation under house property income. ITAT ruled that deemed provisions for taxing ALV of stock-in-trade property applied from A.Y. 2018-19 under Finance Act 2017, not the assessment year in question. The revision order failed to meet twin conditions of being erroneous and prejudicial to revenue interest, as the issue was debatable and AO had applied mind to assessee's contentions during assessment proceedings. Case-Laws Income Tax Wed, 25 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312226