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2018 (8) TMI 1632 - AT - Income TaxAnnual value determination - Estimating the value of the property known as “Hicon Property” - ignoring valuation carried out by approved Valuer M/s. Patwardhan & Associates - vacancy allowance eligibility - Held that:- In case the property or part thereof was vacant during the period, the proportion deduction should be allowed from the sum on which the property might reasonably be let out from year to year. We find that it is the plea of the assessee that due to inherent defects, the flat could not be let out. Hence, the flat remained vacant. Hence, the assessee has claimed benefit of section 23(1)(c) which duly permits deduction in this regard. The assessee should be granted vacancy allowance. However, as conceded by the ld. Counsel of the assessee and also accepted in the grounds of appeal, the assessee is agreeable to offer a sum of ₹ 11,83,723/- for taxation in this regard. We accept this proposal and modify the order of the ld. Commissioner of Income Tax (Appeals) accordingly.
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