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2019 (4) TMI 1766 - AT - Income TaxDeemed income from income from house property - “Annual Lettable Value‟ of the vacant unsold flats/shops held by it as stock-in-trade of its business of a real estate developer liable - HELD THAT:- We find that the Hon‟ble High Court of Gujarat in the case of CIT Vs. Neha Builders (P) ltd. [2006 (8) TMI 105 - GUJARAT HIGH COURT] had observed that if the business of the assessee is to construct property and sell it or to construct and let out the same, then any income derived from the immovable properties held by it as its stock-in-trade cannot be assessed under the head “Income from house property”. In view taken by the Tribunal in the assessee own case for the immediately preceding year i.e A.Y. 2012-13 vacate the addition made by the A.O towards deemed income from “house property”, which thereafter was sustained by the CIT(A). - Decided in favour of assessee.
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