2023 (4) TMI 1353

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..... - HELD THAT:- In context of impugned AY 2014-15, we note that 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 .....

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..... count of determination of annual letting value in respect of unsold residential units lying with the builder assessee. 3. Briefly stated the facts of the case are that; 3.1 the assessee is a firm engaged in the business of construction sale of residential flats, which at the closure of the financial was holding 03 residential units as its stock-in-trade which were neither let-out nor occupied for .....

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..... of the Act. 5. After hearing to rival contentions of both the parties; and subject to the provisions of rule 18 of ITAT, Rules perused the material placed on record, case laws relied upon by the appellant as well the respondent and duly considered the facts of the case in the light of settled legal position forewarned to parties present. 6. In context of impugned AY 2014-15, we note that the Fina .....

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