ITAT slams AO for computing rental income from unsold flats in hands of developer of State Housing Board

INCOME TAX: Annual value of property could be assessed as income only in hands of 'owner' of property; therefore, where assessee was an SPV promoted by State Housing Board for undertaking construction of apartments and assessee was not an owner of apartments but its role was limited only to developer who held apartments under construction in trust to be ultimately owned by persons to whom allotments were approved by Board, annual value of unfinished flats could not be brought to tax in hands of

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