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2011 (4) TMI 1383 - AT - Income TaxComputation of Income from House Property u/s 23(1)(c) - Fair Market value of Vacant portion - Assessee's property remained vacant for not working of the lift so no income was earned - As per CIT(A), assessee is allowed 30% deduction u/s 24, hence ALV of property is taken as ₹ 73241 HELD THAT:- It is noticed that claim of assessee was it made all the efforts to let out the property, but the same could not be let out because the property was situated at 5th floor and the lift was not working. In a similar issue, in the case of PREMSUDHA EXPORTS (P.) LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 10, MUMBAI [2007 (5) TMI 348 - ITAT MUMBAI], it was held that during the whole year, the assessee made continuous efforts to let out the property and under these circumstances, this property could be called to be let out property. Since the property had been held to be let out property, its annual letting value could only be worked out as per Section 23(1)(c) and since the rent received or receivable from the said property during the year was nil the same was to be taken as the annual value of the property in order to compute the income from house property" Therefore, we are of the view that since the rent received or receivable from the property in question during the year was nil, the same was to be taken as the annual value of the property in order to compute the income from house property as provided in Section 23(1)(c). We, therefore, set aside the order of the ld.CIT(A)
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