|CORAM:||R. S. Syal (AM)|
|CATCH WORDS:||ALV, Income from house property|
|COUNSEL:||Krishna V. Gujrathi|
|DATE:||February 19, 2019 (Date of pronouncement)|
|DATE:||February 23, 2019 (Date of publication)|
|FILE:||Click here to view full post with file download link|
|S. 22/ 23(4): The annual letting value (ALV) of unsold units of properties lying as stock in trade is not assessable as income under the head "Income from house property". The deeming provision of s. 23 cannot be extended beyond its ambit so as to cover the heads of income to which it does not operate. Taxing hypothetical income, which is otherwise not sanctioned by any provision under Chapter IV-D, cannot be permitted|
it is apparent that the view point bolstered by the authorities that Annual Letting Value in respect of unsold properties lying with the assessee as a stock in trade, should be determined u/s. 23 of the Act, cannot be countenanced in the hue of the later judgments of the Hon’ble Summit Court.