{"id":38151,"date":"2023-12-14T10:49:41","date_gmt":"2023-12-14T05:19:41","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38151"},"modified":"2023-12-28T15:27:03","modified_gmt":"2023-12-28T09:57:03","slug":"sec-235-deem-rent-in-the-hands-of-developers","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/sec-235-deem-rent-in-the-hands-of-developers\/","title":{"rendered":"Sec. 23(5)  Deem rent in the hands of developers"},"content":{"rendered":"<p>Assessee is developers of the real estate and is having unsold units in the projects developed by him. In respect of unsold units completion certificate from the competent authority\u00a0 \u00a0has been received in the year 2015-16. Assessing officer has made the addition on account of deemed rent in the hands of assessee in the A.Y. 2018-19 and he has relied upon the provisions of Sec. 23(5) which are applicable for 1.04.2018.<\/p>\n<p>Assessee has submitted that Sec. 23(5) is beneficial provision and applicable form 1.04.2018 and therefore two years moratorium period given in the SEc. 23(5) is applicable and therefore no addition can be made on account of deemed rental . Assessee relied upon the Mumbai ITAT decision in the case of Pegasus Properties P Ltd. 193 ITD 514<\/p>\n<p>Whether AO action is legally justified. Pl guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[22],"qa_category":[23],"qa_tag":[1113,941,1114],"class_list":["post-38151","qa","type-qa","status-publish","hentry","qa_expert-advocate-neelam-jadhav","qa_category-income-tax","qa_tag-deemed-rent","qa_tag-developer","qa_tag-s-235"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38151"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38151"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38151"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38151"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}