2022 (1) TMI 1041

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....VP This appeal by the assessee is directed against the order passed by the CIT(A) on 07-05-2019 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the confirmation of addition of Rs. 8,52,902/- towards deemed rent on unsold vacant flats and shops held by the assessee as stock-in-trade. 3. Succinctly, the facts of the case are that the assessee i....

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....s repairs at Rs. 3.65 lakh, the AO added a sum of Rs. 8,52,902/- to the assessee's total income under the head "Income from House Property". The ld. CIT(A), relying on certain Tribunal orders, held that such income was to be taxed as "Business Income". Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 4. We have heard both the sides through Virtual Court and perused....

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....n result in respect of unsold flats held by a builder as stock in trade at the year-end. While disposing off the above referred case, the Tribunal observed that income from unsold flats could be considered only under the head "Profits and Gains from business or profession" and not "Income from House Property". The ld. CIT(A) considered these observations of the Tribunal qua the inclusion of income....