https://www.taxtmi.com/caselaws?id=471145 Completed unsold flats held as stock-in-trade by a builder-developer were subject to tax on their annual value from assessment year 2018-19. The two-year moratorium under Section 23(5) did not apply because the projects had been completed before that year and the flats were opening and closing stock. Failure to apply the amended provision and assess deemed rental income rendered the assessment order erroneous and prejudicial to Revenue interests, supporting revision under Section 263. en-us Mon, 18 Dec 2023 00:00:00 +0530 Sat, 22 Aug 2026 13:56:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471145 Completed unsold flats held as stock-in-trade by a builder-developer were subject to tax on their annual value from assessment year 2018-19. The two-year moratorium under Section 23(5) did not apply because the projects had been completed before that year and the flats were opening and closing stock. Failure to apply the amended provision and assess deemed rental income rendered the assessment order erroneous and prejudicial to Revenue interests, supporting revision under Section 263. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471145