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2018 (9) TMI 1621 - ITAT PUNECorrect head of income - notional rental income on the flats held as stock-in-trade - whether the notional annual rental value on unsold flats held as stock-in-trade by the assessee is to be assessed under the head "Business Income" or under the head "Income from House Property"? - Held that:- Mumbai Bench of the Tribunal in M/s. C.R. Developments Pvt. Ltd. Vs. JCIT [2015 (5) TMI 1161 - ITAT MUMBAI]), M/s. Runwal Constructions Vs. ACIT [2018 (2) TMI 1707 - ITAT MUMBAI] and Shri Girdharilal K. Lulla Vs. DCIT [2017 (12) TMI 519 - ITAT MUMBAI] under similar set of facts have taken a consistent view in holding notional annual rental value on unsold flats held as stock-in-trade by the assessee engaged in construction and development activities as "Business Income‟. Thus, in view of the facts of the case and the decision rendered in the case of Commissioner of Income Tax Vs. Neha Builders (P.) Ltd. [2006 (8) TMI 105 - GUJARAT HIGH COURT] we find merit in the submissions of assessee and allow the appeal.
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