Builder Liable to Pay Income Tax on Rental Income on Notional Basis of Municipal Ratable Value on Vacant Unsold Flats: ITAT [Read Order]

Builder - Income Tax - Rental Income - Notional Basis - Municipal Ratable Value - Unsold Flats - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has directed the income tax department to compute income tax on the rental income on the basis of municipal ratable value for computing the notional rent towards the vacant unsold flats kept by the assessee, Builder. The assessee, M/s Moraj Building Concepts Pvt Ltdhas filed return of…

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