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2021 (12) TMI 1210 - AT - Income TaxAddition made on account of deemed rental income on unsold flats / units held by the assessee as ‘stock in trade’ - HELD THAT:- We hold that no addition on account of deemed rental income could be made in respect of unsold stock of flats held as ‘stock in trade’ upto A.Y.2017-18. However, the amendment has been brought in the statute in Section 23(5) from A.Y.2018-19 providing a moratorium period of two years. Hence, no addition could be made even for A.Y.2018-19 also. Accordingly, the ground raised by the assessee for all the three years in respect of addition made on account of deemed rental income of unsold stock of flats as ‘stock in trade’ are allowed. Addition u/s.69A on account of alleged unaccounted cash - whether any protective addition could at all survive when no substantive addition at all were made in the hands of any other person? - HELD THAT:- Admittedly, no substantive addition was made by the revenue either in the hands of M/s Fisher Health Resorts Pvt ltd or in the hands of any other person. In Respectfully following the aforesaid decision of VIKASH IRON & STEEL PRIVATE LIMITED [2015 (7) TMI 1394 - ITAT KOLKATA] since no substantive addition was made, the protective addition made in the hands of the assessee company does not survive. Hence, we have no hesitation in directing the ld. AO to delete the addition made in the sum of ₹ 13,86,600/- on protective basis u/s.69A of the Act for A.Y.2018-19. Accordingly, the ground raised by the assessee is allowed.
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