https://www.taxtmi.com/caselaws?id=23523 For section 22, ownership is to be understood in a practical sense where a builder has sold flats as stock-in-trade, received full consideration, and delivered possession to purchasers in exclusive enjoyment; in such circumstances, the absence of registered conveyances does not necessarily leave the builder as the owner for notional annual value purposes. The text also states that the statutory annual value under section 23(1)(a) is the reasonable letting value, and that municipal valuation, being aligned with that standard, should not be ignored or exceeded on the facts considered. The stated result is that the builder was not liable to be assessed on the flats' notional annual value. en-us Wed, 05 Jul 1989 00:00:00 +0530 Wed, 14 Jun 2017 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23523 For section 22, ownership is to be understood in a practical sense where a builder has sold flats as stock-in-trade, received full consideration, and delivered possession to purchasers in exclusive enjoyment; in such circumstances, the absence of registered conveyances does not necessarily leave the builder as the owner for notional annual value purposes. The text also states that the statutory annual value under section 23(1)(a) is the reasonable letting value, and that municipal valuation, being aligned with that standard, should not be ignored or exceeded on the facts considered. The stated result is that the builder was not liable to be assessed on the flats' notional annual value. Case-Laws Income Tax Wed, 05 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23523