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TMI Blog2022 (1) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case that there is no dispute that the profits of the business of construction by the assessee are chargeable to income-tax. Therefore, in our view that the unsold 37 flats are occupied by the assessee are as owner; business of construction is carried on by the assessee; the occupation of the flats is for the purpose of business; and profits of such business are chargeable to Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the order dated 08-06-2017 passed by the Commissioner of Income Tax (Appeals)-4, Pune [ CIT(A)‟] for assessment year 2014-15. 2. The assessee raised two grounds amongst which the only issue emanates for our consideration is as to whether the CIT(A) justified in confirming the addition made by the AO on account of notional income in respect of the unsold flats in the facts and circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red in favour of the assessee and the addition made by the AO as confirmed by the CIT(A) is not maintainable and the assessee recognized unsold flats as stock-in-trade. The ld. AR placed on record of order of this Tribunal in the case of Kumar Properties and Real Estate Private Limited in ITA No. 2977/PUN/2017 for A.Y. 2013-14. The Co-ordinate Bench of Tribunal vide order dated 28-04-2021 discusse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n showing income from such business and also engaged in the business of property development. The third condition is that the occupation of the property should be for the purpose of business or profession wherein the assessee before us shown the said 37 unsold flats as stock in trade. The last condition is that profits of such business or profession should be chargeable to income-tax. In the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X
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