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TMI Blog2020 (9) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evious 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 Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the learned CIT is not sustainable. Accordingly, we set aside the order of learned CIT and decide the issue in favour of assessee. 10. Before parting, we note that this appeal was heard on 06.02.2020. The pronouncement is delayed due to lockdown in view of Covid-19 pandemic. The pronouncement is as per Rule 34(5) of Appellate Tribunal Rules and Hon'ble Bombay High Court decision vide order dated 15.04.2020 extending the time bound periods specified by Hon'ble High Court by removing the period under lockdown. This aspect is also dealt with in detail in ITAT Mumbai order in case of DCIT vs JSW Steel vide order dated 15.05.2020. 11. In the result, this appeal by the assessee stands allowed. Order pronounced in the court on 13th J ..... X X X X Extracts X X X X X X X X Extracts X X X X
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