Bengal DCL Housing Development Co. Ltd. v. DCIT (2019) 177 ITD 402/ 181 DTR 245 (Kol.)(Trib.)

S. 22 : Income from house property–Owner-SPV promoted by State Housing Board for undertaking construction of apartments- Not an owner of apartments-Annual value of unfinished flats could not be brought to tax.[S. 23]

Tribunal held that SPV promoted by State Housing Board for undertaking construction of apartments is not an owner of apartments but its role was limited only to developer who held apartments under construction in trust to be ultimately owned by persons to whom allotments were approved by Board, annual value of unfinished flats could not be brought to tax.(AY. 2011-12, 2012-13)