2020 (9) TMI 183

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....nd holding that the order passed by the learned Assessing Officer dated 25.11.2016 is erroneous and prejudicial to the interest of Revenue." 3. At the outset, it is noted that there is a delay of 20 days in filing the appeal. The reasonable cause for the same has been attributed to be the mistake on the part of the employee who received the notice, in not communicating the same to the Consultant. Upon careful consideration and hearing the parties, we condone the delay. 4. We find that in the present case, learned PCIT has exercised his jurisdiction under Section 263 of the Income Tax Act, 1961 (in short 'the Act') on the ground that assessee has not offered notional rent on its unsold flats, which are assessee's stock in trade. The learne....

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....revious year, the annual value of such property or part of the property, for the period up to [one year] from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil." 8. From reading of the above, it is amply clear that the provision in the Act for BRINGING to tax the notional rent on unsold stock of house property was brought into effect from assessment year 2018-19. In the present case, the assessment year is 2014-15 and hence the said provision is not at all applicable for the current assessment year. Moreover, as referred by the learned counsel of the assessee in the decision of Hon'ble Gujrat High Court in the case of N....