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2010 (10) TMI 679 - AT - Income TaxSubletting of Property - annual letting value - adjustment rent paid against rent received - Held that:- ALV of house property is to be taken as if it is under self occupation and by applying provision of Section 6(1) and and of Delhi Rent Control Act. If NDMC has determined the rateable value of the property then the said be adopted as basis for ALV of property for the purpose of section 22/23 of IT Act. if no assessment has so far be made under Rent Control Act or by NDMC then assessment of ALV be made determined as directed by the Hon'ble Delhi High Court. Payment of rent and claim of deduction against rent received - income from other sources - Held that:- rent paid by the assessee for the said property to LIC of India can by no stretch of imagination be considered as expenditure incurred for earning the said income. - As it is incomprehendible as to how can one take a premises at rent of Rs.257543/- to earn lease rental income of Rs.1,44,000/-
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