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2021 (12) TMI 401 - AT - Income TaxRental income received from letting out the house property - AO disallowed the claim of deduction claimed u/s 24 - DR submitted that the CIT(A) erred in not appreciating the provisions of section 56(2)(iii) - HELD THAT:- CIT(A) has given a categorical finding that the assessee purchased bare office space in bare shell condition and as per the Leave and Licence Agreement/Deed of Adherence all the fit out works including furniture, fittings and fixture etc. were required to be executed by the licensee and there was no rent element in respect of furniture, fitting, fixtures etc. It is a clear case of rental income of the assessee received from letting out the house property which can be subject to tax u/s 22 of the Act. Thus the CIT(A) has rightly allowed the interest expenses and partly allowed the portion which is made as per total addition. CIT(A) has categorically observed that all the fit out workings including furniture, fitting, fixtures etc. were required to be executed by the licensee. The observations made by the CIT(A) are in consonance with the Leave and Licence Agreement and no contrary evidence was put up before us or before any revenue authorities by the assessee. Therefore, there is no need to interfere with the order of the CIT(A). Hence cross objection of the assessee is dismissed.
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