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2011 (12) TMI 228 - AT - Income TaxDetermination of Annual Letting value (ALV) of property vacant during the year – assessee declared NIL value in pursuance of Section 23(1)(c) – Revenue contending that since properties in question were earlier let out hence ALV was to be determined as per section 23(1)(a) – Held that:- If a property is held with an intention to let out in the relevant year coupled with efforts made for letting it out, it could be said that such a property is a let out property and the same would fall within the purview of clause (c) of section 23(1). Thus, 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. Therefore, order of CIT(A) is set aside and addition made is deleted – Decided in favor of assessee.
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