Notional income of under-construction building couldn’t be taxed until occupancy certificate is issued

INCOME TAX : Where assessee let out an under construction school building on rent, since building would legally come into existence only on issuance of an occupancy certificate and, further, assessee had declared rental income from letting out of said building in subsequent assessment year, notional income by way of annual letting value could not be assessed on such building during yearINCOME TAX : Where assessee let out an under construction school building on rent, since building would legally come into existence only on issuance of an occupancy certificate and, further, assessee had declared rental income from letting out of said building in subsequent assessment year, notional income by way of annual letting value could not be assessed on such building during yearwww.taxmann.com Latest Case LawsRead More

Leave a Reply