Income tax

yagnesh dave (Querist) 22 January 2015 This query is : Resolved
I AM DOING THE BUSINESS OF BUILDERS COSNTRUCTING RESIDENTIAL UNITS AND COMMERCIAL UNITS AFTER COMPLETION CERTIFICATE OBTAINDED UNSOLD FLATS AND COMMERCIAL UNITS REMAIN UNSOLD AS ON 31/03/2012 AS AN STOCK WHICH ARE SOLD SUBSEQUENTLY.

THE INCOME TAX IS CONSIDERING THE SAID UNSOLD FLATS AND COMMERICIAL UNITS DEEMED AS LET OUT U/S 23(4)UNDER HOUSE PROPERTY INCOME AS A NOTIOANAL INCOME WHETHER INCOME TAX OFFICER ACTION OF DEEMED INCOME OF RENT IS CORRECT OR NOT

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venkatesh Rao (Expert) 22 January 2015
Pl. put you query in CAclubindia.com which is a sister concern of lawyersclubindia.

B.Chakrapani Warrier (Expert) 23 January 2015
ITO is correct. Citation:- CIT Vs. Ansal Housing Finance & Leasing Co ltd [2013] 213 Taxman 143.

Rajendra K Goyal (Expert) 23 January 2015
Agree with the expert B.Chakrapani The above decision can be referred at:

http://indiankanoon.org/doc/3424606/

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