Where bungalows out of two buildings developed by assessee were unsold. The department held the same for the purpose of deemed notional rental income on such vacant properties and made addition on under section 23 of the Act. It was held that those flats/bungalows are occupied by the assessee owner; business of property development is carried on by the assessee; the occupation of the flats etc. is for the purpose of business; and profits of such business are chargeable to income-tax. Ergo, all the four conditions for exclusion from section 22 of the Act are cumulatively satisfied in the present case. Therefore, no addition can be made under section 23 of the Act. (AY. 2013-14)