KUMAR PROPERTIES AND REAL ESTATE PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14, PUNE
In the result, the appeal is partly allowed
ITA 2977/PUN/2017[2013-14]Status: DisposedITAT Pune28 Apr 2021AY 2013-14
Bench: Shri R.S. Syal & Shri S.S.Viswanethra Raviआयकर अपील सं. / Ita No.2977/Pun/2017 िनधा"रण वष" / Assessment Year 2013-14 Kumar Properties & Real Estate Vs. Dcit, Circle-14, Private Limited, Pune Ist Floor, Kumar Capital, East Street, Camp, Pune – 411 001 Pan : Aaack7490H Appellant Respondent Assessee By Shri Rajan Vora & Shri Rajendra Agiwal Revenue By Shri Vitthal Bhosale Date Of Hearing 27.04.2021 Date Of Pronouncement 28-04.2021 आदेश / Order Per R.S. Syal, Vp : This Appeal By The Assessee Is Directed Against The Order Passed By The Cit(A)-7, Pune On 01.09.2017 In Relation To The Assessment Year 2013-14. 2. The Assessee Has Assailed Confirmation Of Addition Of Rs.1,47,65,688/- Towards Deemed Rental Income On Stock-In-Trade Of Unsold Flats/Bungalows Held By The Assessee, As A First Major Issue. Succinctly, The Factual Panorama Of The Case Is That The Assessee Has Been Engaged In The Business Of Development Of Properties With The Projects `Kumar Infinia’ & `Kumar Picasso’
Section 2Section 22Section 23Section 27
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Kumar Properties and Real Estate Private Limited charging section of Chapter IV-C, `Income from house property’, which reads as under:-
`The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business
