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2016 (7) TMI 942 - AT - Income TaxALV of the property remained vacant for the whole year - Held that:- As from a reading of another provision i.e. subsection (3) of section 23 of the Act, where the legislatures in their wisdom have used the word ‘house is actually let’. This also shows that the expression ‘property is let’ cannot mean actual letting out of the property because had it been so, there was be no need to use the word ‘actually’ in sub-section (3) of section 23 of the Act. Applying the purposive interpretation, the expression ‘property is let’ has to be read in contrast to ‘property is self occupied’ to arrive at its true purport. We simultaneously note on facts that the property has been actually let out in the financial year 2006-07 as noted above. It cannot be reckoned to be in the control of the assessee to let out the property throughout necessarily. The decision of Hon’ble Andhra Pradesh High Court in the case of Vivek Jain (2011 (1) TMI 897 - Andhra Pradesh High Court ) relied upon by the revenue cannot be read in a manner that if the property remains vacant throughout the year, section 23(1)(c) do not apply at all more so when the property was let out in proceeding or subsequent year. Therefore, in the totality of the circumstances and having regard to the provisions of the Act, we are of the view that the ALV of the property at Dande Towers which remained vacant for the whole year has to be assigned Nil value in terms of section 23(1)(c) of the Act. Accordingly, the order of the CIT(A) stands modified to this extent.
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