https://www.taxtmi.com/caselaws?id=290483 Notional annual letting value of unsold flats held as stock-in-trade by a real estate developer was treated as not taxable under the head "Income from House Property" where no actual rent was received. The Tribunal followed consistent co-ordinate bench views that, in the absence of an enabling provision for the relevant year, a developer's unsold inventory cannot be assessed on a hypothetical rental basis, and rental material from another flat could not justify the addition. It further noted that section 23(5) of the Income-tax Act, 1961, inserted later, did not apply to the year under consideration. The addition was deleted. en-us Thu, 05 Sep 2019 00:00:00 +0530 Wed, 30 Sep 2020 08:14:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290483 Notional annual letting value of unsold flats held as stock-in-trade by a real estate developer was treated as not taxable under the head "Income from House Property" where no actual rent was received. The Tribunal followed consistent co-ordinate bench views that, in the absence of an enabling provision for the relevant year, a developer's unsold inventory cannot be assessed on a hypothetical rental basis, and rental material from another flat could not justify the addition. It further noted that section 23(5) of the Income-tax Act, 1961, inserted later, did not apply to the year under consideration. The addition was deleted. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290483