https://www.taxtmi.com/caselaws?id=472275 Revision under Section 263 was treated as invalid where it rested on notional annual letting value for unsold flats held by a builder as stock-in-trade. Revision requires an assessment order to be both erroneous and prejudicial to Revenue interests. Conflicting High Court views on applying Section 23(1)(a) to such flats meant that two reasonable interpretations were available. The interpretation favourable to the assessee applied: the flats remained stock-in-trade, and sale proceeds were business income rather than notional income from house property. The revision order was consequently quashed. en-us Wed, 10 Apr 2019 00:00:00 +0530 Tue, 06 Oct 2026 15:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472275 Revision under Section 263 was treated as invalid where it rested on notional annual letting value for unsold flats held by a builder as stock-in-trade. Revision requires an assessment order to be both erroneous and prejudicial to Revenue interests. Conflicting High Court views on applying Section 23(1)(a) to such flats meant that two reasonable interpretations were available. The interpretation favourable to the assessee applied: the flats remained stock-in-trade, and sale proceeds were business income rather than notional income from house property. The revision order was consequently quashed. Case-Laws Income Tax Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472275