2026 (8) TMI 1429

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....Kumar C. (SR AR) ORDER PER SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER: This appeal is filed by the assessee against the order of the learned CIT(A)-NFAC, Delhi, dated 16.10.2025 for the assessment year 2017-18. 2. The assessee has raised the following grounds of appeal: "1. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (....

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....construction. Ld. Counsel for the assessee further submitted that in assessee's own case for the assessment year 2018-19, the issue came up for consideration pursuant to the proceedings u/s. 263 of the Act by the learned CIT, holding that the assessment framed u/s. 143(3) for the assessment year 2018-19 is erroneous and prejudicial to the interests of the Revenue for the reason that the Assess....

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....he unsold stock-in-trade of the assessee. Reliance was placed on the decisions of the Coordinate Benches in the case of DCIT vs. M/s Bengal Shapoorji Housing Development Pvt. Ltd. in ITA No. 4369/Mum/2019, dated 23.03.2021 and DCIT vs. Neepa Real Estate (P) Ltd. reported in (2024) 116 ITR (Trib) 247 (Mumbai). 3. Heard rival contentions, perused the orders of the authorities below. On perusal of....

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....er passed by the Assessing Officer is erroneous and prejudicial to the interests of the Revenue for the reason that no deemed rental value was assessed by Assessing Officer on the unsold stock-in-trade for Assessment Year 2018-19, the Tribunal observed that since the provisions of section 23(5) of the Act are not applicable for the assessment year 2017-18, deemed rental value on the unsold stock-i....