https://www.taxtmi.com/caselaws?id=424696 Unsold flats held as stock-in-trade by a builder could not be taxed on a notional annual value for assessment year 2013-14. Section 23(5), which deems the annual value of such property nil for a limited period, was held prospective and therefore inapplicable to that year; accordingly, no income could be imputed under the head Income from house property. Taxation as business income also failed because there was no actual rent received and no specific charging provision in Chapter IV-D to tax hypothetical rental income. The notional rental addition was therefore deleted. en-us Wed, 09 Mar 2022 00:00:00 +0530 Thu, 07 Jul 2022 09:04:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424696 Unsold flats held as stock-in-trade by a builder could not be taxed on a notional annual value for assessment year 2013-14. Section 23(5), which deems the annual value of such property nil for a limited period, was held prospective and therefore inapplicable to that year; accordingly, no income could be imputed under the head Income from house property. Taxation as business income also failed because there was no actual rent received and no specific charging provision in Chapter IV-D to tax hypothetical rental income. The notional rental addition was therefore deleted. Case-Laws Income Tax Wed, 09 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424696