https://www.taxtmi.com/caselaws?id=763970 ITAT Mumbai upheld PCIT's revision order u/s 263 against a company regarding income from house property on unsold inventories. The AO failed to make sufficient inquiries during reassessment and did not add deemed annual letting value of Rs. 54.26 crores on 100% complete but unsold units. ITAT relied on precedents including Ansal Housing Financial, Gundecha Builders, and Sane Doshi Enterprises establishing that notional rental income must be offered under income from house property for vacant units. The tribunal found AO's cryptic order without proper verification constituted an error prejudicial to revenue interest, satisfying twin conditions for valid revision. en-us Mon, 30 Dec 2024 00:00:00 +0530 Tue, 31 Dec 2024 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763970 ITAT Mumbai upheld PCIT's revision order u/s 263 against a company regarding income from house property on unsold inventories. The AO failed to make sufficient inquiries during reassessment and did not add deemed annual letting value of Rs. 54.26 crores on 100% complete but unsold units. ITAT relied on precedents including Ansal Housing Financial, Gundecha Builders, and Sane Doshi Enterprises establishing that notional rental income must be offered under income from house property for vacant units. The tribunal found AO's cryptic order without proper verification constituted an error prejudicial to revenue interest, satisfying twin conditions for valid revision. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763970