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2017 (9) TMI 525 - AT - Income TaxRental income earned from the property held as stock in trade - income from ‘House Property’ OR “Business & Profession’ - Held that:- By following the rule of consistency for the assessment year 2009-10 & 2010-11, the Ld. CIT(A) in the present assessment year i.e. 2011- 12 has rightly directed the AO to treat the income as house property and allow the deduction for payment of house tax, which does not need any interference on our part. Even otherwise, we further note that the Hon’ble High Court of Delhi in the case of New Delhi Hotels Ltd. vs. ACIT [2013 (5) TMI 632 - DELHI HIGH COURT] has held that rental income derived from unsold flats which are shown as stock-in-trade in the books of the assessee would be assessed under the head “Income From House Property” and not under the head of “Profits and Gains from Business and Profession”. We further note that the Hon’ble High Court of Delhi had similarly held in the case of CIT vs. Discovery Estates Pvt. Ltd. (2013 (3) TMI 124 - DELHI HIGH COURT).
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