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Income from Unsold Vacant Flats Taxed as Business Income, Not Rental, u/s 23.

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Full Text of the Document

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....Estimation of income from the unsold vacant units as income on notional basis - The flats not sold was its stock-in-trade and income arising on its sale is liable to be taxed as business income. - there is no justification in the order of AO for estimating rental income from these vacant flats u/s. 23 which is assessee's stock in trade as at the end of the year. - AT....

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