TMI Blog2020 (9) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... rovision is not at all applicable for the current assessment year. As referred by the learned counsel of the assessee in the decision of Hon'ble Gujrat High Court in the case of Neha Builders (P.) Ltd. [ 2006 (8) TMI 105 - GUJARAT HIGH COURT] it was held that notional house rent cannot be computed for stock in trade. The Hon'ble Supreme Court in the case of CIT vs Vegetable Products Ltd., [ 1973 (1) TMI 1 - SUPREME COURT] has expounded that if two constructions are possible, one in favour of assessee has to be adopted. Even from this point of view on the touchstone of Hon'ble Gujrat High Court decision, as referred above, notional house rental income cannot be computed for the unsold flats of the assessee. Admittedly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 days in filing the appeal. The reasonable cause for the same has been attributed to be the mistake on the part of the employee who received the notice, in not communicating the same to the Consultant. Upon careful consideration and hearing the parties, we condone the delay. 4. We find that in the present case, learned PCIT has exercised his jurisdiction under Section 263 of the Income Tax Act, 1961 (in short the Act ) on the ground that assessee has not offered notional rent on its unsold flats, which are assessee s stock in trade. The learned PCIT in this regard has referred to the decision of Hon'ble Delhi High Court in the case of CIT vs Ansal Housing Finance Leasing Co. Ltd., 354 ITR 180 (Delhi). Against this order, assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruction of the property is obtained from the competent authority, shall be taken to be nil. 8. From reading of the above, it is amply clear that the provision in the Act for BRINGING to tax the notional rent on unsold stock of house property was brought into effect from assessment year 2018-19. In the present case, the assessment year is 2014-15 and hence the said provision is not at all applicable for the current assessment year. Moreover, as referred by the learned counsel of the assessee in the decision of Hon'ble Gujrat High Court in the case of Neha Builders (P.) Ltd. (supra) it was held that notional house rent cannot be computed for stock in trade. The Hon'ble Supreme Court in the case of CIT vs Vegetable Products Ltd., ..... X X X X Extracts X X X X X X X X Extracts X X X X
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