Assessee is a builder showed value of unsold flats in closing stock  During scrutiny, Assessing Officer after perusal of reply of assessee passed assessment order wherein return filed by assessee was accepted. Principal Commissioner noted that assessee filed occupation certificate of unsold flats on 11-6-2015 and same were held by assessee as stock-in-trade for more than one year.  He invoked revisionary jurisdiction and held that ALV of unsold flats was to be brought to tax as deemed rent under section 23.  Accordingly, he directed Assessing Officer to pass fresh assessment order by computing ALV at 8 per cent of value of unsold flats and taxing same as deemed rent under head income from house property. On appeal the Tribunal held that the  assessee was not into business of letting out property for rent but was into real estate development as well as re-development. The  Assessing Officer did not determine notional income from unsold flats held by assessee as stock-in-trade after taking note of CBDT circular dated 15-2-2018.The  Assessing Officer also carried out investigation with respect to details of unsold flats (stock) which was clearly shown in profit and loss accounts as well as in balance sheet of assessee. Since  the Assessing Officer examined relevant facts of unsold flats and decision not to determine ALV was in line with CBDT circular, assessment order could not be held to be erroneous as well as prejudicial to revenue.   The Tribunal also held that amendment to section 23 vide introduction of sub-section (5) by Finance Act, 2017 with effect from 1-4-2018 whereby property held as stock-in-trade was brought to tax, would be effective prospectively. (AY. 2017-18)