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2022 (8) TMI 739 - AT - Income TaxIncome from house property - ALV of the unsold Flats - property forming part of his stock-in-trade - whether or not ALV of the unsold flats held by the assessee as stock-in-trade of his business as that of a builder/developer is liable to be assessed u/s.22 of the Act? - HELD THAT:- As the facts and the issue involved in the aforesaid order of the Tribunal in the case of Osho Developers [2020 (11) TMI 218 - ITAT MUMBAI] remains the same as are there before us in the case of the present assessee, therefore, we respectfully follow the same. We, thus, herein conclude that the ALV of the unsold 7 flats held by the assessee as stock-in-trade of his business could not have been assessed u/s.22 of the Act. Accordingly, we herein vacate the addition of Rs.1,91,406/- made by the A.O. Thus, the Grounds of appeal No.(s) 1 to 3 raised by the assessee are allowed.
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