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Income Tax - Highlights / Catch Notes

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Notional rental income on commercial property u/s 23(1)(a) - ...


Challenge to Notional Rental Income Assessment on Unsold, Unrentable Commercial Property u/s 23(1)(a) Deemed Unjustified.

July 21, 2020

Case Laws     Income Tax     AT

Notional rental income on commercial property u/s 23(1)(a) - notional rental income on unsold stock u/s 23(1)(a) - There being impossibility of renting out the property, the AO is not justified to charge notional rent from this property and assess the same as income from house property as deemed income.

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