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2016 (3) TMI 452 - AT - Income TaxEstimation of rental income - determination of annual value of the property - Held that:- By the Finance Act, 2001 (14 of 2001), substitution was made in the section for and from A.Y. 2002-03 in place of than existing section 23 for the purposes of determination of annual value of the property. As per section 23(1), for the purposes of section 22, the annual value of any property shall be deemed to be :- -The sum for which the property might reasonably be expected to let from year to year (Section 23(1)(a) or -Where the property or any part of the property is let- (a) And the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in section 23(1)(a), the amount so received or receivable (section 23(1)(b) or If the aforesaid provision of the Act is kept in juxtaposition with the facts of the present appeal, undisputedly, the assessee received rent of ₹ 5,89,600/- from M/s West Coast Construction Pvt. Ltd. in respect of property no. 51 and 52, which are of the same size and located in the same building, thus, the receipt of actual rent is not in dispute, therefore, we find no infirmity in the conclusion drawn by the ld. Commissioner of Income Tax (Appeals). - Decided against assessee
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