https://www.taxtmi.com/caselaws?id=770818 The ITAT Mumbai ruled on addition under 'Income from house property' for notional income from unsold units held as stock-in-trade. The tribunal held that for determining Annual Letable Value under Section 23(1)(a), the assessment officer must follow municipal laws while considering inflated/deflated rent based on extraneous circumstances, not exceeding standard rent per applicable Rent Control Legislation. Relying on Tip Top Typography and Moni Kumar Subba decisions, the tribunal directed the assessing officer to determine notional rent according to established valuation principles, including various hypothetical rent calculation methods. en-us Wed, 14 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770818 The ITAT Mumbai ruled on addition under 'Income from house property' for notional income from unsold units held as stock-in-trade. The tribunal held that for determining Annual Letable Value under Section 23(1)(a), the assessment officer must follow municipal laws while considering inflated/deflated rent based on extraneous circumstances, not exceeding standard rent per applicable Rent Control Legislation. Relying on Tip Top Typography and Moni Kumar Subba decisions, the tribunal directed the assessing officer to determine notional rent according to established valuation principles, including various hypothetical rent calculation methods. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770818