https://www.taxtmi.com/caselaws?id=463505 ITAT MUMBAI - AT allowed the assessee's appeal against revision u/s 263. The issue was whether unsold flats are taxable as income from house property or business income. Tribunal noted conflicting judicial views and that AO's treatment was a plausible view not warranting revision as prejudicial to revenue. It also observed that s.23 was amended w.e.f. AY 2018-19 to relieve developers (nil annual value for stock-in-trade for a limited period), and held the Pr. CIT's direction was not applicable to the impugned assessment year; appeal allowed. en-us Wed, 28 Aug 2019 00:00:00 +0530 Thu, 04 Sep 2025 19:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463505 ITAT MUMBAI - AT allowed the assessee's appeal against revision u/s 263. The issue was whether unsold flats are taxable as income from house property or business income. Tribunal noted conflicting judicial views and that AO's treatment was a plausible view not warranting revision as prejudicial to revenue. It also observed that s.23 was amended w.e.f. AY 2018-19 to relieve developers (nil annual value for stock-in-trade for a limited period), and held the Pr. CIT's direction was not applicable to the impugned assessment year; appeal allowed. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463505