Builder not liable to Pay Notional Rent on Residential Assets held as Stock-in-Trade: ITAT deletes Income Tax Addition [Read Order]

Builder - Residential Assets - Notional Rent - -Notional Rent on Residential Assets - Stock-in-Trade - ITAT - Income Tax Addition - taxscan

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition of notional rent in respect of residential assets held as stock-in-trade by the Builder is not valid. M/s.Balkrishna Shanmugham Chettiar, the assessee has constructed and is operating an Industrial Park under the Industrial Park Scheme 2002. The AO disallowed the…

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