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TMI Blog2022 (1) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... -16. 2. Since the identical facts and issues are involved in all above three appeals, we proceed to dispose of the same by this common order. 3. For the sake of convenience and clarity, the facts relevant to the appeal in ITA No.1075/PUN/2018 for the assessment year 2014-15 in the case of Pranjal Constructions Pvt. Ltd. are stated herein. ITA No.1075/PUN/2018, A.Y. 2014-15 : 4. The assessee raised the following grounds of appeal :- "The following grounds are taken without prejudice to each other - On facts and in law, 1] The learned CIT(A) erred in confirming the addition of Rs. 6,14,149/- u/s 22 r.w.s. 23(4) on account of deemed rent in respect of unsold units held as stock in trade by the appellant company. 2] The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer') vide order dated 30.08.2016 passed u/s 143(3) of the Income Tax Act, 1961 ('the Act') at total income of Rs. 97,37,239/-. While doing so, the Assessing Officer made addition of Rs. 6,14,149/- under the head 'income from house property' being the annual value of unsold flats and brought to tax by placing reliance on the decision of the Hon'ble Delhi High Court in the case of CIT vs. Ansal Housing Finance & Leasing Co. Ltd., 354 ITR 180 (Delhi). 6. Being aggrieved by the above decision of the Assessing Officer, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer placing reliance on the decision of the Hon'ble Delhi High Court in the case of Ansal Housing Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the end of the financial year in which the completion certificates of construction were issued by the competent authority, shall be taken as Nil. The Memorandum explaining the provisions of Finance Bill has clearly clarified that this amendment will take effect from 01.04.2018 and, will accordingly apply in relation to the assessment year 2018-19 and subsequent year. 10. In the backdrop of the above, we are now required to adjudicate the issue on hand. The identical issue has been dealt by the Co-ordinate Bench of this Tribunal in the case of Kumar Properties and Real Estate (P.) Ltd. vs. DCIT, 190 ITD 212 (Pune- Trib.) to which one of us Hon'ble Judicial Member is party. The Co-ordinate Bench of this Tribunal noticed cleavage of the op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ats held by a builder at the year end. Similar view has been reiterated by the Pune Bench of the Tribunal in Mahanagar Construction v. ITO [IT Appeal No. 623 (PUN) of 2018, dated 5-9-2019]. 12. At this juncture, it is relevant to mention that the Finance Act, 2017 has inserted sub-section (5) of section 23 w.e.f. 1-4-2018 reading as under:- 'Where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or part of the property, for the period up to one year from the end of the financial year in which the certificate of completion of construction of the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in ITA No.1075/PUN/2018 for the assessment year 2014-15 stands allowed.
ITA No.30/PUN/2019, A.Y. 2015-16 :
ITA No.50/PUN/2019, A.Y. 2015-16 :
14. Since the facts and issues involved in all the above three appeals are identical, therefore, our decision in ITA No.1075/PUN/2018 for the assessment year 2014-15 shall apply mutatis mutandis to the remaining two appeals of the assessee in ITA No.30/PUN/2019 and ITA No.50/PUN/2019 for the assessment year 2015-16. Accordingly, the appeals of the assessee in ITA No.30/PUN/2019 and ITA No.50/PUN/2019 for the assessment year 2015-16 are allowed.
15. Resultantly, all the above three appeals of the assessee are allowed.
Order pronounced on this 13th day of January, 2022.
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