Allowing the appeal of the assessee the Tribunal held that In view of contrary decisions of High Court, issue as to whether notional income on unsold flat held by assessee-builder as stock-in-trade in its books of account should be assessed as income from house property is a debatable issue, and hence order of Assessing Officer for not bringing unsold flats to tax at notional letting value under head ‘income from other sources’ which was one of possible views-Revision is not valid. CIT v. Ansal Housing Finance & Leasing co. Ltd. (2013) 354 ITR 180 (Delhi)(HC). Neha Builders (P.) Ltd. (2007) 164 Taxman 342 (Guj.)(HC) (AY. 2013-14)
S.D. Corporation (P.) Ltd. v. PCIT (2019) 175 ITD 164 (Mum.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue– unsold flats held as stock in trade-Notional value-In view of contrary decisions of High Court, issue as to whether notional income on unsold flat held by assessee-builder as stock-in-trade in its books of account should be assessed as income from house property is a debatable issue, and hence order of Assessing Officer for not bringing unsold flats to tax at notional letting value under head ‘income from other sources’ which was one of possible views- Revision is not valid. [S. 22, 23, 28(i)]