Notional Rental Income Excluded for Unsold Flats That Remain Legally Unoccupiable Without an Occupancy Certificate

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Notional rental income under Section 23(1)(a) is not chargeable on unsold flats during a period in which they are legally unoccupiable because no occupancy certificate has been issued. A completion certificate alone does not establish legal occupiability for this purpose. Consequently, notional rental income cannot form the basis for revision of an assessment for that period, and the Revenue's appeal was dismissed.....