SC to examine house property taxability of builder’s vacant-flats in Ansal-Housing's SLP
SC admits assessee’s SLP against Delhi HC ruling, HC had held that vacant flats owned by assessee-builder was subject to taxability u/s 22/23 as ‘house property income’ on the basis of ‘annual letting value’ (‘ALV’) for AY 1994-95; HC had rejected assessee’s stand that tax cannot be levied on a notional basis i.e. ALV, but should be levi...
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