Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 1333 - AT - Income TaxAssessment u/s 153A - additions relating to notional income from the unsold flats and made additions relating to unsecured loans - HELD THAT:- On careful consideration of the facts on record, we observe that in the case of CIT v. Continental Warehouse Corporation [2015 (5) TMI 656 - BOMBAY HIGH COURT] it is held that for assessment u/s. 153A in case of unabated assessment, if no incriminating material was found during the course of search in respect of an issue, then no additions in respect of any other issue can be made to the assessment u/s. 153A and 153C. Estimation of notional rent - assessee had unsold closing stock which was kept vacant during the current Assessment Year - AO has estimated the notional income adopting the rent based on property tax - HELD THAT:- As relying on M/s. Inorbit Malls Pvt. Ltd [2022 (10) TMI 1150 - ITAT MUMBAI] we direct the Assessing Officer to estimate the rent on the basis of municipal ratable value for computing the notional rent. Accordingly, ground raised by the assessee is partly allowed.
|