Annual Letting Value of Unsold Flats cannot be added under section 22 of Income Tax Act: ITAT [Read Order]
The Tribunal observed that the annual value of unsold flats held as stock in trade has to be considered as per the amendment in the Finance Act 2017 under section 23(5) of the Act is applicable from A.Y 2018-19
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the annual letting value of unsold flats cannot be added under section 22 of Income Tax Act, 1961. The Tribunal directed the assessing officer to delete the addition of the annual let-out value ( ALV ) of the unsold flats. M/s…
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