https://www.taxtmi.com/caselaws?id=766535 Unsold finished inventory held as stock-in-trade was discussed as taxable on annual letting value for the relevant year, because the amendment introducing section 23(5) was treated as prospective from 01.04.2018 and earlier law still applied notional house-property taxation to ownership, even without actual letting. The note also states that annual letting value must be based on actual rent or fair market rent in the locality, not a percentage of bank fixed deposit rates, so the matter was remitted for fresh computation on a market-rent basis. In separate revision proceedings, an addition under section 56(2)(viib) was held beyond the scope of the section 263 direction and therefore without jurisdiction. en-us Tue, 25 Feb 2025 00:00:00 +0530 Mon, 18 May 2026 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766535 Unsold finished inventory held as stock-in-trade was discussed as taxable on annual letting value for the relevant year, because the amendment introducing section 23(5) was treated as prospective from 01.04.2018 and earlier law still applied notional house-property taxation to ownership, even without actual letting. The note also states that annual letting value must be based on actual rent or fair market rent in the locality, not a percentage of bank fixed deposit rates, so the matter was remitted for fresh computation on a market-rent basis. In separate revision proceedings, an addition under section 56(2)(viib) was held beyond the scope of the section 263 direction and therefore without jurisdiction. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766535