S. 22 : Income from house property-Un sold flat held as stock in trade-Annual value Rental income assessable as business income. [S. 28(i)](Shri Shamim Yahya, Accountant Member and Shri Ravish Sood, Judicial Member)

AO assessed the unsold flats which was held as stock in trade as income from house property on notional basis. CIT(A) affirmed the order of the AO. On appeal allowing the appeal of the assessee the Tribunal held that Annual value of the flats held by the assessee as part of the stock in trade of its business as that of a builder could not have been determined and brought to tax under the head income from house property. (Referred CIT v. Ansal Housing Finance and Leasing Company Ltd. (2013) 354 ITR 180 (Delhi)(HC), CIT v. Gundecha Builders (2019) 102 taxmann.com 27 (Bom.)(HC), CIT v. Neha Builders (2008) 296 ITR 661 (Guj.)(HC), K. Subaramanian v. Siemens India Ltd. (1985) 156 ITR 1 (Bom.)(HC), Rajendra Godshalwar v. ITO (ITA No. 7470/Mum/2007 dt. 31-1-2019 (SMC)(Mum.)(Trib.).
[ITA No.2372 & 1860/Mum/2019 dt.03-11-2020](AY.2014-15 & 2015-16)