4236/Del/2015, wherein the addition made on account of
notional rent u/s 23(1)(a) in relation to the property
which ... purpose of making deemed notional rent
addition is 48,770 sq. feet as against the correct area i.e.
30,000 sq. feet
Tribunal in M/s. Inorbit Malls Pvt. Ltd. (supra)
held that notional rent needs to be computed on the unsold units.
ITAs No.6353 ... stock-in-trade. Since the assessee
did not compute any notional rent on the unsold stock, the AO, vide order
passed under section
that ld.CIT(A)
erred in confirming the addition towards notional rent income
at Rs.44,43,100/- from letting out house property.
4. Facts ... have shown the income from house property
and accordingly calculated the notional rent at Rs.44,43,100/-
assessing the income
from house property', where the ld. AO has taken the notional rent of unsold
shops/flats ... deflated rent based on extraneous circumstances, if any, which in any case cannot
exceed the standard rent as per the Rent Control Legislation applicable
Income from House Property" on notional basis. The assessee
contended that the charging of notional rent on such business stock
was unwarranted ... further argued that section
23(5) , which specifically brings such notional rent within the tax net,
was inserted only with effect from
sale of Thaltej Land Rs.1,68,34,012
(ii) Notional Rent on vacant House Properties Rs. 42,000
--------------------
Total ... learned CIT(A) has erred in confirming the notional rent of
Rs.42,000/- under Section 23 in as much as the addition made
sale of Thaltej Land Rs.1,68,34,012
(ii) Notional Rent on vacant House Properties Rs. 42,000
--------------------
Total ... learned CIT(A) has erred in confirming the notional rent of
Rs.42,000/- under Section 23 in as much as the addition made
sale of Thaltej Land Rs.1,68,34,012
(ii) Notional Rent on vacant House Properties Rs. 42,000
--------------------
Total ... learned CIT(A) has erred in confirming the notional rent of
Rs.42,000/- under Section 23 in as much as the addition made
sale of Thaltej Land Rs.1,68,34,012
(ii) Notional Rent on vacant House Properties Rs. 42,000
--------------------
Total ... learned CIT(A) has erred in confirming the notional rent of
Rs.42,000/- under Section 23 in as much as the addition made
sale of Thaltej Land Rs.1,68,34,012
(ii) Notional Rent on vacant House Properties Rs. 42,000
--------------------
Total ... learned CIT(A) has erred in confirming the notional rent of
Rs.42,000/- under Section 23 in as much as the addition made
