2022 (12) TMI 1539

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....is directed against the order passed by ld. CIT(A), Pune-11 on 31.10.2022 in relation to assessment year 2017-18. 2. The only issue raised in this appeal is against the confirmation of the addition on account of determination of annual letting value in respect of unsold units lying with the assessee, who is a builder. 3. Briefly stated, the facts of the case are that the assessee is a builde....

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.... The Finance Act, 2017 introduced sub-section (5) to section 23 providing that where a property held as stock in trade is not let out during the year, its annual value, after a period of one year or as revised to two years, shall be considered for the purposes of inclusion under the head `Income from House property". This amendment has been brought out w.e.f. 01-04-2018. Thus, this provision manif....

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....ness income in the impugned order. He however, did not appreciate that the Tribunal nowhere held for the inclusion of the deemed rental income under the head "Profits and Gains from business or profession". It simply directed that income, if any, from unsold flats held as stock in trade can be considered only as "Business Income". In the ultimate analysis, the Tribunal eventually deleted the addit....