https://www.taxtmi.com/caselaws?id=284879 The Tribunal ruled in favor of the appellant, holding that unsold properties held as stock-in-trade should not be subject to notional Annual Letting Value (ALV) under "Income from House Property." The Tribunal relied on precedents and concluded that such properties should be classified as business income. Additionally, the Tribunal determined that the amendment to Section 23(5) of the Income Tax Act, effective from 01.04.2018, should not apply retrospectively to the assessment year 2013-14. As a result, the Tribunal directed the Assessing Officer to delete the addition towards the ALV of unsold properties, allowing the appeal by the assessee. en-us Mon, 04 Feb 2019 00:00:00 +0530 Sun, 15 Dec 2019 10:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284879 The Tribunal ruled in favor of the appellant, holding that unsold properties held as stock-in-trade should not be subject to notional Annual Letting Value (ALV) under "Income from House Property." The Tribunal relied on precedents and concluded that such properties should be classified as business income. Additionally, the Tribunal determined that the amendment to Section 23(5) of the Income Tax Act, effective from 01.04.2018, should not apply retrospectively to the assessment year 2013-14. As a result, the Tribunal directed the Assessing Officer to delete the addition towards the ALV of unsold properties, allowing the appeal by the assessee. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284879