Assessee, a builder, had shown closing stock of unsold flats in a completed project. Assessing Officer made an addition on deemed rental income on vacant flats which were shown in the balance sheet and profit and loss account of assessee as closing stock of unsold flats as per section 23(4)(b). CIT(A) upheld said addition. On appeal, the Tribunal held that as per decision of the jurisdictional High Court in case of CIT v. Ansal Housing Finance and Leasing Co. Ltd(2013) Taxman 143 / 354 ITR 180 (Delhi)(HC), notional rent had to be determined on vacant unsold flats held as stock-in-trade as ‘Income from house property’, however no addition could be made to assessment year prior to assessment year 2018-19 on such notional rent. High Court in CIT v. Tip Top Typography(2014)  228 taxman  244 / 368 ITR 330 (Bom) (HC)  Court held that   ALV under section 23(1)(a) has to be in accordance with municipal laws after duly considering inflated or deflated rent based on extraneous circumstances, if any, which in any case cannot exceed standard rent as per Rent Control Legislation applicable to said property. Therefore, the Assessing Officer was directed to determine notional rent in accordance with principles emphasized in the decision of Tip Top Typography (supra). (AY.2015-16)