ITAT deletes addition made on account of notional ALV on unsold flats held as stock-in-trade [Read Order]

Income Tax Appellate - Tribunal -stock-in-trade - notional ALV - notional Annual Letting Value - business income - Taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, deleted the addition made on account of the notional Annual Letting Value (ALV) on unsold flats held as stock-in-trade. The bench observed that the unsold flats were its stock-in-trade, and income arising on their sale is liable to be taxed as business income. Runwal Constructions, a partnership…

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