Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 9 - AT - Income TaxNotional rent added as income from house property u/s 22 - Held that:- The assessee is a Private Limited Company and is a partner in a Partnership Firm which carries on business from the same premises which is owned by the assessee. In such circumstances, whether rent from house property is to be assessed u/s 22 of the Act as notional rent or not, the issue has been answered by the Hon‟ble Bombay High Court in the case of Shantikumar Narottam Morarji v. CIT [1954 (9) TMI 27 - BOMBAY HIGH COURT] . Subsequently, the same has been followed by the Co-ordinate Bench of the Tribunal in the case of Smt. Indira Jain (2012 (6) TMI 33 - ITAT MUMBAI). Respectfully, following the same principle, it is of the view that notional rent u/s 22 of the Act cannot be charged in the given facts and circumstances of the case. Accordingly, delete the addition and allow the appeal of the assessee.
|