Assessee is  a firm engaged in construction activities as a promoter and builder.  The assessee is holding closing stock of 9 units/flats at end of assessment year and out of these 9 flats, rental income was shown for 1 flat only. The  Assessing Officer did not accept reply of assessee and determined deemed rental income as per provisions of section 22 read with section 23(4) and added  income of assessee. CIT(A) up held the order of the AO. On appeal the Tribunal held that  it is only from assessment year 2018-19 that a new section 23(5) was inserted which permits Assessing Officer to calculate deemed rental income of property held as stock-in-trade even if such property was not let during whole or any part of previous. Tribunal held that when operation of sub-section (5)of section 23 is  not made retrospective, annual value/deemed rental income of property held as stock in trade can be calculated and shall be chargeable to income tax only with effect from assessment year 2018-19 and not prior to that. (AY. 2016-17)