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2016 (9) TMI 1478 - AT - Income TaxDetermining the ALV of residential house lying vacant during the year u/s 23(1 )(a) r.w.s 23(4)(b) - deemed income under the head Income from "House Property" - Held that:- The fact that the said property has been let out by the assessee in the immediately preceding assessment year for 9 months is a fact. Thus the property has been “let out” in the earlier years is not disputed. The fact that due to a recession in the market it could not be let out is consistently claimed. CBDT Circular No.14 of 2001-252 ITR Statute para 29 unambiguously explains that the said amendment was brought out to rationalize the provisions of the Act so as to simplify determination of ALV. Considering the facts which have not been disputed and the above provision of law, we find that in the light of the judicial precedent cited namely ACIT, Delhi vs Prabha Sanghi paI [2013 (1) TMI 18 - ITAT DELHI]; Kamal Mishra vs ITO, Ward 31(2) [2007 (8) TMI 484 - ITAT DELHI] and DLF Office Developers v ACIT, Delhi [2008 (4) TMI 530 - ITAT DELHI] and Prem Sudha Exports Pvt. Ltd. vs ACIT [2007 (5) TMI 348 - ITAT MUMBAI] and noting that no contrary view has been cited by the Revenue despite more than ample opportunity, we find that the appeal of the assessee has to be allowed.
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