https://www.taxtmi.com/caselaws?id=758623 ITAT Pune held that deemed rental income cannot be calculated on unsold flats held as stock-in-trade for assessment year 2016-17. The tribunal ruled that section 23(5), which permits taxation of deemed rental income from property held as stock-in-trade, was introduced only from assessment year 2018-19 and cannot be applied retrospectively. Prior to this amendment, section 22 clearly excluded property held as stock-in-trade from being chargeable under "Income from house property." The AO's addition of deemed rental income under sections 22 read with 23(4) was therefore deleted, and the assessee's appeal was allowed. en-us Tue, 10 Sep 2024 00:00:00 +0530 Mon, 16 Sep 2024 08:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758623 ITAT Pune held that deemed rental income cannot be calculated on unsold flats held as stock-in-trade for assessment year 2016-17. The tribunal ruled that section 23(5), which permits taxation of deemed rental income from property held as stock-in-trade, was introduced only from assessment year 2018-19 and cannot be applied retrospectively. Prior to this amendment, section 22 clearly excluded property held as stock-in-trade from being chargeable under "Income from house property." The AO's addition of deemed rental income under sections 22 read with 23(4) was therefore deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758623