https://www.taxtmi.com/caselaws?id=449237 ITAT Mumbai held that notional rent/ALV cannot be assessed on unsold flats held as stock-in-trade for A.Y. 2012-13. The tribunal ruled that Finance Act 2017 amendment under section 23(5) applying to unsold inventory flats is effective from A.Y. 2018-19 onwards, not retrospectively. Following judicial precedent from NMS Enterprises case, ITAT set aside CIT(A)'s order and directed AO to delete the ALV addition for unsold flats, allowing the appeal in favor of the assessee. en-us Mon, 22 Jan 2024 00:00:00 +0530 Thu, 08 Feb 2024 06:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449237 ITAT Mumbai held that notional rent/ALV cannot be assessed on unsold flats held as stock-in-trade for A.Y. 2012-13. The tribunal ruled that Finance Act 2017 amendment under section 23(5) applying to unsold inventory flats is effective from A.Y. 2018-19 onwards, not retrospectively. Following judicial precedent from NMS Enterprises case, ITAT set aside CIT(A)'s order and directed AO to delete the ALV addition for unsold flats, allowing the appeal in favor of the assessee. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449237