https://www.taxtmi.com/caselaws?id=399009 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 263 of the Income Tax Act for the Assessment Years 2014-15 and 2015-16. It was determined that the Assessing Officer had considered the issue of notional rental income on vacant flats held as stock-in-trade and had taken a possible view, not making the assessment orders erroneous. The Tribunal emphasized that the amendments introduced by the Finance Act, 2017, regarding taxing notional annual value of property held as stock-in-trade were prospective and not applicable to the assessment years in question. Consequently, the PCIT's orders were quashed, and the appeals by the assessee were allowed. en-us Mon, 28 Sep 2020 00:00:00 +0530 Wed, 30 Sep 2020 13:07:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399009 The Tribunal held that the Principal Commissioner of Income Tax erred in invoking Section 263 of the Income Tax Act for the Assessment Years 2014-15 and 2015-16. It was determined that the Assessing Officer had considered the issue of notional rental income on vacant flats held as stock-in-trade and had taken a possible view, not making the assessment orders erroneous. The Tribunal emphasized that the amendments introduced by the Finance Act, 2017, regarding taxing notional annual value of property held as stock-in-trade were prospective and not applicable to the assessment years in question. Consequently, the PCIT's orders were quashed, and the appeals by the assessee were allowed. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399009