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2018 (6) TMI 1781 - AT - Income TaxIncome from House Property u/s 22 - calculating notional ALV of the vacant units - adding the ALV of the unsold units which constitutes stock in trade - HELD THAT:- As in case of Chennai Property [2015 (5) TMI 46 - SUPREME COURT] held that when the company is primarily engaged in business of construction and development, which is the main object of the assessee, the income derived by assessee would be “Income from Business”. On the same analogy in the case in hand, the assessee is engaged in the business of construction and development, which is the main business of the assessee, the units which could not be sold at the end of the year and were shown as ‘stock-in-trade’, estimating rental income on notional ALV was not justified - when, there is no evidence on record that these units were either given on rent or that the assessee has intention to let out those units. The Units which are not sold are stock-in-trade and the income arising of its sale is liable to be taxed as Business Income, therefore, we do not find any justification in calculating notional ALV of the vacant units. Therefore, we direct the Assessing Officer to delete the addition made on estimate basis - Decided in favour of assessee.
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