https://www.taxtmi.com/caselaws?id=297771 Unsold units held by a real estate developer as stock-in-trade are not assessable on a notional annual letting value under the head income from house property when they are neither let out nor intended to be let out. Where the units remain part of closing inventory and are meant for sale in the ordinary course of business, their deemed rental value cannot be brought to tax as house property income. If two interpretations of the taxing provision are possible, the construction favourable to the assessee applies. The operative tax treatment is that such units are dealt with as business stock, not as property yielding notional rental income. en-us Tue, 26 Jun 2018 00:00:00 +0530 Wed, 22 Sep 2021 06:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297771 Unsold units held by a real estate developer as stock-in-trade are not assessable on a notional annual letting value under the head income from house property when they are neither let out nor intended to be let out. Where the units remain part of closing inventory and are meant for sale in the ordinary course of business, their deemed rental value cannot be brought to tax as house property income. If two interpretations of the taxing provision are possible, the construction favourable to the assessee applies. The operative tax treatment is that such units are dealt with as business stock, not as property yielding notional rental income. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297771