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2020 (9) TMI 1271 - AT - Income TaxAddition as deemed notional rent on unsold stock of flats - deemed notional rent upon unsold stock of flats of the builder and developer - diversified decisions - HELD THAT:- There is a decision of honourable Delhi High Court [2012 (11) TMI 323 - DELHI HIGH COURT] in favour of the revenue and the decision of honourable Gujarat High Court [2006 (8) TMI 105 - GUJARAT HIGH COURT] is in favour of the assessee. There is no direct decision of honourable jurisdictional High Court on this subject. In this view of the matter in my considered opinion the ratio from honourable Supreme Court in the case of Vegetables Product Ltd. [1973 (1) TMI 1 - SUPREME COURT] is applicable. Hence respectfully following the decision of honourable Gujarat High Court in the case of Neha Builders Pvt. Ltd. (supra) direct that the addition on account of deemed notional rent in this case is liable to be deleted. Appeal filed by the assessee stands allowed.
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