2021 (10) TMI 441

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..... VISWANETHRA RAVI, JUDICIAL MEMBER Assessee by : Shri Rajendra Agiwal Revenue by : Shri S.P. Walimbe ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 24-11-2017 passed by the Commissioner of Income Tax (Appeals)-5, Pune ['CIT(A)'] for assessment year 2013-14. 2. The assessee raised 8 grounds of appeal amongst which the only issue emanates....

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....tock of 6 flats which are completed and the details of which are reflected in Para No. 5 of the assessment order. The AO asked the assessee to explain as to why deemed rent in respect of said 6 flats should not be charged to tax under the provisions of section 22 of the Act. The assessee explained vide its submissions dated 09-03-2016, we note that the main contention of ld. AR is that the unsold ....

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....ection 22 of the Act that any such property or its part, which is occupied by the assessee for the purposes of any business or profession carried, the profits of which are chargeable to income-tax, shall be excluded on satisfying the conditions therein. The Co-ordinate Bench, further discussed the said 4 conditions in Para Nos. 6, 7, 8 and 9. The first condition being that the property or its part....

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....o income-tax. Therefore, in our view that the unsold 6 flats are occupied by the assessee are as owner; business of construction is carried on by the assessee; the occupation of the flats is for the purpose of business; and profits of such business are chargeable to Income-tax. Thus, in our opinion, all the four conditions provided in exclusion clause in section 22 of the Act are to be excluded, t....