ITAT Upholds CIT(A) Decision on Deemed Rental Income for Co-Owners; Remits Plant and Machinery Income for Review.

The key points covered in the summary are: Deemed rental income from flats owned by the assessee, allotted through a joint development agreement, was deleted by CIT(A) following the principle of equality before law and consistent treatment for co-owners. The ITAT upheld this based on the Supreme Court's ruling in Union of India v. Kaumudini Narayan Dalal, which mandates uniform approach by Revenue for parties to the same transaction. On merits, the ITAT referred to the case of Sachin R Tendulkar, which decided in favor of the assessee on the issue of taxability of deemed rental income from flats kept for investment. Regarding the nature of capital gains on sale of flats (long-term or short-term), the ITAT applied the principle of consistenc..... .....

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