https://www.taxtmi.com/caselaws?id=457298 Unsold residential units held as stock-in-trade by a builder were not taxable on a notional annual letting value basis for assessment year 2014-15 under section 23 of the Income-tax Act, 1961. The deeming provision specifically covering stock-in-trade was inserted only later by Finance Act, 2017 as section 23(5), effective from 1 April 2018. Because that amendment was not in force for the relevant year and had no retrospective operation, the unsold units could not be brought to tax under the head Income from House Property. en-us Wed, 12 Apr 2023 00:00:00 +0530 Sun, 15 Sep 2024 01:19:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457298 Unsold residential units held as stock-in-trade by a builder were not taxable on a notional annual letting value basis for assessment year 2014-15 under section 23 of the Income-tax Act, 1961. The deeming provision specifically covering stock-in-trade was inserted only later by Finance Act, 2017 as section 23(5), effective from 1 April 2018. Because that amendment was not in force for the relevant year and had no retrospective operation, the unsold units could not be brought to tax under the head Income from House Property. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457298