Assessee, real estate developer, filed return of income showing unsold stock of flat/shop as stock-in-trade in its balance sheet. Assessing Officer held that deemed rent on unsold flats as shown in balance-sheet should be taxed under head income from house property.  Accordingly, he made an addition of certain amount as notional income from house property by applying 8.5 per cent on cost of construction. CIT(A) up held the order of the Assessing Officer. On appeal the Tribunal held that   amendment to section 23(5) is prospective in nature and cannot be applied to assessment years prior to assessment year 2018-19. Tribunal held during relevant assessment year deemed rent on unsold stock would be exigible to tax under head income from house property however, Assessing Officer is  not justified in estimating income at rate of 8.5 per cent of investment as ALV  Assessing Officer is  directed to recompute notional rent by ascertaining municipal rentable value. Followed , Dy.CIT v. Inorbit Malls (P)(Ltd (ITA No. 2220 (Mum) of 2021 dt. 11-10 2022)   (AY. 2016-17)