TMI Blog2019 (12) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... rental on such stock-in-trade under the head `Income from house property - HELD THAT:- Similar issue came up for consideration before the Pune Benches of the Tribunal in M/s. Cosmopolis Construction vs. ITO.[ 2018 (9) TMI 1621 - ITAT PUNE ] has held that no rental income can be computed when flats are held as stock in trade. In reaching this conclusion, the Tribunal relied on certain other judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under the head `Income from house property‟ after two years from the end of the financial year in which the certificate of completion of construction of the property is obtained. As the assessment year under cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shops. The Assessing Officer computed notional rental on such stock-in-trade under the head `Income from house property‟ at ₹ 5,54,400/-. The assessee prayed before the CIT(A) that the income ought to have been considered under the head Profits and gains of business and profession‟. The ld. CIT(A), relying on an order passed by Pune Bench Tribunal in the case of M/s. Cosmopolis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders. In the absence of any distinguishing fact having been brought to my notice by the ld. DR and respectfully following the precedent, I overturn the impugned order on this score and direct to delete the addition. Similar view has been taken by the Pune benches of the Tribunal in M/s. Tricon Builders vs. ITO / ITA No.475/PUN/2018 vide its order dated 4.12.2018. 5. At this stage, it is perti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty‟ after two years from the end of the financial year in which the certificate of completion of construction of the property is obtained. As the assessment year under consideration is 2015-16, the amended section 23 will not apply and the case will be governed by the decisions as discussed above. 6. In the result, the appeal is allowed. Order pronounced on 23rd day of December, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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