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2020 (10) TMI 1307 - HC - Income TaxIncome from house property - ALV determination - Whether the provisions of Section 23(5) of the Income Tax Act, 1961 inserted by the Finance Act, 2017 with effect from 01.4.2018 could be treated as retrospective in operation for the purpose of computing notional rent for taxation under the head ‘income from house property’? - Whether Tribunal erred in sustaining the computation of annual letting value of the unsold stock of residential flats in Victoria Towers for the purpose of computing notional rent under the ‘income from house property’ in the computation of taxable total income without assigning proper reasons and justification? - HELD THAT:- We have carefully gone through the impugned proceedings and we find that the reasons assigned by the Tribunal are not clear and cogent. Though they were not raised in the same form before the Tribunal, we find that there was an argument to that effect, which has not been dealt with by the Tribunal. Therefore, we are inclined to interfere with the impugned order and remand the matters to the Tribunal for a fresh consideration. That apart, the Revenue was also aggrieved by one portion of the order passed by the Tribunal, which, according to the Revenue, was factually and legally incorrect and therefore, they moved a miscellaneous petition before the Tribunal and it was allowed by order dated 08.10.2018. The Tribunal is to hear the Revenue afresh on that issue. Hence, interest of justice would be met and interest of the Revenue also would be protected if the entire matter is remanded to the Tribunal for a fresh consideration. For the above reasons, the above tax case appeals are allowed.
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