{"id":3477,"date":"2018-12-28T12:15:23","date_gmt":"2018-12-28T12:15:23","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-gundecha-builders-bom-hc-unreported\/"},"modified":"2019-05-18T13:13:26","modified_gmt":"2019-05-18T13:13:26","slug":"cit-v-gundecha-builders-bom-hc-unreported","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-gundecha-builders-bom-hc-unreported\/","title":{"rendered":"CIT v. Gundecha Builders ( 2019) 102 taxmann.com 27 ( Bom) (HC) www.itatonline.org"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that , the assessee is in the business of development of real estate projects and letting of property is not the business of the assessee. Following the ratio in CIT v. Sane &amp; Doshi Enterprises ( 2015) 377 ITR \u00a0165 ( Bom) (HC ) wherein the \u00a0\u00a0Court held that the \u00a0rental income received from unsold portion of the property constructed by real estate developer is assessable as income from house property . Considered the decision in Chennai Properties and Investments Ltd Chennai v CIT ((2015) 373 ITR 673(SC) and Rayala Corporation Pvt Ltd v ACIT \u00a0\u00a0(2016) 386 ITR 500 \u00a0( SC) \u00a0( ITA No. 347 of 2016 dt. 31-07-2018 ) ( Arising ITA No. 4475 \/ Mum\/2011 dt 19 -02 2014)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 22 : Income from house property \u2013 Business income -Real estate developer- Main object is not acquiring and holding properties &#8211; Rental income is  held to be assessable as income from house property . [ S.28(i)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3477","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-U5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=3477"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3477\/revisions"}],"predecessor-version":[{"id":5465,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3477\/revisions\/5465"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}