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2012 (8) TMI 359 - AT - Income TaxIncome from House property - adoption of ALV of the property at the figure of actual rent as against the net realizable rent - Held that:- The decision rendered in Premsudha Exports Pvt. Ltd. Vs ACIT [2007 (5) TMI 348 - ITAT MUMBAI ]wherein it was held that the notional rent need not be considered for arriving at the ALV of the property if the property was intended to be let out, however, despite effort taken for letting out, remained vacant. The assessee-company could hold properly either to use it for its own business or to let as mentioned memorandum of association - the assessee approached various estate and finance consultants for letting the properties but unfortunately during the year under appeal, the assessee could not get a suitable tenant. Since the property was held to be let, its annual letting value could only be worked out under sub-clause ( c ) of section 23(1)and according to this clause, the rent received or receivable during the year was nil and that had to be taken as the annual value of the property in order to compute the income from house property - the decision rendered by the learned CIT(A) need not be interfered with even if there is a finding with respect to completion of 2nd floor to 9th floor of the building - in favour of assessee.
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