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2023 (4) TMI 1286 - AT - Income TaxDeemed income from house property - Rental Income for the properties held as Stock in Trade - as per AO Assessee has received possession of certain property/bungalow plot and had neither used nor offered to earn any income under the head “income from other sources”- AO said that property was treated as deemed to be let out and he determined the actual value of the property for the purpose of section 23(1) and determined the rent at 10% of the value in respect of the property and accordingly additions made - HELD THAT:- As relying on M/S. PEGASUS PROPERTIES PVT. LTD. [2021 (12) TMI 1210 - ITAT MUMBAI] assessee had kept various flats as stock in trade and they were not sold. No addition on account of deemed rental income can be made in respect of unsold stock of flats held as stock in trade up to A.Y.2017-18. In the present case the assessment involved in A.Y.2014-15, therefore the addition proposed by the Assessing Officer is directed to be deleted. Assessee appeal allowed.
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