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TMI Blog2019 (12) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order passed by the CIT(Appeals)-1, Kolhapur on 10.04.2019 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the taxation of notional rental income of Rs. 5,54,400/- on unsold stock-in-trade as Business income. 3. Brief facts of the case are that the assessee is a builder and developer. During the course of assessment proceedings it was found th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and gone through the relevant material on record, it is seen that similar issue came up for consideration before the Pune Benches of the Tribunal in M/s. Cosmopolis Construction vs. ITO. Vide its order dated 12-09-2018, the Tribunal in ITA Nos. 230 & 231/PUN/2018 has held that no rental income can be computed when flats are held as stock in trade. In reaching this conclusion, the Tribunal relied o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the property, for the period up to two years from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil.‟ This amendment has the effect of providing that from the A.Y. 2018-19, stock in trade of buildings etc. shall be liable to be considered for computation of annual value und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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