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2019 (7) TMI 430 - AT - Income TaxIncome from house property - taxability of deemed rent in respect of six unsold flats / bunglows held in stock-in- trade by the assessee u/s 23 - HELD THAT:- Identical issue arose in the case of assessee’s sister concern i.e., M/s. Kolte Patil Developers Limited [2019 (5) TMI 675 - ITAT PUNE] in A.Y. 2012-13, wherein the issue was decided in favour of the assessee as held when the business of the assessee is to construct the property and sell it or to construct or let out then that would be the “business” and the business stocks which may include movable and immovable properties would be taken to be “stock-in- trade” and any income derived from such stocks cannot be termed as “income from house property” Thus no addition on account of deemed rent of 6 unsold flats/bunglows can be made in the hands of assessee. We therefore set aside the addition made by the AO. Thus, the grounds of assessee are allowed.
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