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2013 (9) TMI 1133 - AT - Income TaxDeduction u/s 80-IA disallowed - Held that:- The assessee company is eligible for deduction u/s 80IA. However, it would be just and fair that the matter is restored to find out the claim of the assessee that the losses have already been adjusted against the profits of ineligible units of the assessee in earlier years with a direction to the Ld.CIT(A) for adjudicating the issue afresh after giving due opportunity of hearing to the parties. Computation of Income from House property - Held that:- As decided in assessee's own case for the AYs. 2005-06 to 2008-09 the property was let at a monthly rent of ₹ 1,54,843/- (annual rent: ₹ 18,58,116/-) continuously from the year 1997 to 2004. What better proof of the same representing its AV could possibly be? There is nothing on record to show or infer that the property, which, as late as April, 2004, yielded a rent to the tune of ₹ 18 lakhs p.a., became incapable of fetching as much and, rather, plummeted to about 1% thereof. That is, an erosion in rental capacity by nearly 99%, and almost overnight. The AO in the instant case has kept the AV (at ₹ 13,00,681/-), i.e., net of standard deduction at 30%, constant fro all the years, i.e., up to A.Y. 2008-09, and which we consider as reasonable, satisfying the only condition placed by law on an otherwise totally factual matter. We decide accordingly, upholding the Revenue’s action
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