https://www.taxtmi.com/caselaws?id=407360 Unsold completed flats held as stock-in-trade were held not to attract notional annual letting value under the pre-existing scheme of sections 22 and 23(1)(a), because builder stock-in-trade does not retain the same character as income-generating house property for such notional taxation. The Tribunal preferred the view favourable to the assessee where non-jurisdictional High Court authorities diverged, and treated section 23(5) as prospective only, inapplicable to the assessment year concerned. The addition on account of notional annual letting value was deleted. en-us Wed, 07 Apr 2021 00:00:00 +0530 Sat, 08 May 2021 08:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407360 Unsold completed flats held as stock-in-trade were held not to attract notional annual letting value under the pre-existing scheme of sections 22 and 23(1)(a), because builder stock-in-trade does not retain the same character as income-generating house property for such notional taxation. The Tribunal preferred the view favourable to the assessee where non-jurisdictional High Court authorities diverged, and treated section 23(5) as prospective only, inapplicable to the assessment year concerned. The addition on account of notional annual letting value was deleted. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407360