https://www.taxtmi.com/caselaws?id=470785 Notional annual letting value of unsold units held as stock-in-trade may be assessed under income from house property for periods before Section 23(5) became applicable; the provision's later insertion does not bar assessment for an earlier year. No notional rent is chargeable where units are work-in-progress or where advances were received but final possession was not delivered. Annual letting value must be determined by reference to municipal ratable value and cannot be calculated through an ad hoc percentage of investment. Whether the units constituted work-in-progress requires verification; if so, no notional rental income arises. en-us Tue, 26 Mar 2024 00:00:00 +0530 Sat, 08 Aug 2026 12:27:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470785 Notional annual letting value of unsold units held as stock-in-trade may be assessed under income from house property for periods before Section 23(5) became applicable; the provision's later insertion does not bar assessment for an earlier year. No notional rent is chargeable where units are work-in-progress or where advances were received but final possession was not delivered. Annual letting value must be determined by reference to municipal ratable value and cannot be calculated through an ad hoc percentage of investment. Whether the units constituted work-in-progress requires verification; if so, no notional rental income arises. Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470785