2022 (7) TMI 251

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....der dated 27-12-2019 passed by the CIT(A)-8, Pune in relation to the assessment year 2013-14. 2. The additional ground taken by the assessee was not pressed by the ld. AR. The same is, therefore, dismissed as not pressed. The only issue raised in the appeal memo is against the confirmation of addition of Rs.14,52,000 as `Business income', being, notional rent on unsold flats held as 'stock-in-t....

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....al income computed by the AO was liable to be considered as `Business income'. Aggrieved thereby, the assessee has preferred the appeal before the Tribunal. 4. I have heard both the sides and gone through the relevant material on record. It is an admitted position that the assessee is a builder and developer with 11 flats unsold at the end of the year. The only question is as to whether the ann....

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....te of completion of construction of the property is obtained from the competent authority, shall be taken to be nil.' 6. A close scrutiny of the provision introduced by the Finance Act, 2017, transpires that where a property is held as stock-in-trade which is not let out during the year, its annual value for a period of one year, which was later enhanced by the Finance Act, 2019 to two years, f....

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.... with the assessment year 2013-14. As such, the amendment cannot apply to the year under consideration. In the absence of the applicability of such an amendment, no rental income can be said to have accrued to the assessee from unsold flats available as stock-in-trade under the head `Income from House property'. In that view of the matter, the view point of the AO on this score is vacated. 7. N....