2018 (11) TMI 1996

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.... This appeal filed by the assessee is arising out of the order of Commissioner of Income Tax-51, Mumbai [in short CIT(A)], in appeal No. CIT(A)-51/IT-53/2015-16, dated 20.03.2017. The Assessment was framed by the Dy. Commissioner of Income Tax, Mumbai (in short 'DCIT/ AO') for the A.Y. 2012-13 vide order dated 31.03.2015 under section 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). ....

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....(Appeals) erred in confirming the Gross Annual Value of Rs. 12,44,400/- in respect of unsold flats of total area 5185 sq. Feet in the project RNA Liberty at Mira Road, Mumbai at the rate of Rs. 20 per sq. feet per month. 4. The learned Commissioner of Income Tax (Appeals) erred in not allowing deduction u/s 24 of the Income Tax Act, 1961 of 30% of the Gross Annual Value computed." 3. B....

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....resentative and gone through the facts and circumstances of the case. It seems that this issue is covered by the decision of Hon'ble Gujarat High Court in the case of CIT vs. Neha Builders Pvt. Ltd. (2008) 296 ITR 661 (Guj), wherein it is held that if the property is used as stock-in-trade the said property would become or partake the character of stock and any income derived from stock would be i....