2024 (1) TMI 1525

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....nani. ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 17-10-2023 passed by the National Faceless Appeal Centre ("NFAC"), Delhi for assessment year 2014-15. 2. The assessee raised two grounds of appeal amongst which the only issue emanates for our consideration is as to whether the CIT(A), NFAC, Delhi justified in confirming the addition made by....

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..... 143(3) of the Act. The NFAC, Delhi allowed deduction u/s. 80IB(10) of the Act on proportionate basis by following the order of this Tribunal in assessee's own case in ITA No. 568/PUN/2017 for A.Y. 2012-13 and confirmed the addition made on account of deemed rent on unsold flats. 4. Before us, the ld. AR filed assessee's contention by way of written submissions which is on record. The ld. AR s....

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....61 (Gujarat) and M.P. Bazaz & Ors. reported in 200 ITR 131 (Orissa), respectively before the AO for the proposition that the income from finished stock of flats is to be computed under the head income from business. The AO rejected the same, but however, placing reliance on the decision of Hon'ble High Court of Delhi in the case of Ansal Housing Finance & Leasing Co. Ltd. reported in 354 ITR 180 (....

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....(supra) which is in favour of the assessee. We find the Tribunal by discussing the issue in detail and also by referring to various decisions which were relied on by the rival parties therein, but however, following the decision of Hon'ble High Court of Gujarat in the case of Neha Builders (P.) Ltd. (supra) which is in favour to the assessee held no annual rental value could be levied on unsold fl....