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2022 (4) TMI 1016 - AT - Income TaxIncome from house property - Rental Income on property let out - rent received is after increment @ 15% and that the original rent as per agreement was reduced on account of surrender of area by the tenant. A copy of surrender lease agreement was filed - HELD THAT:- Even then the learned AO/CIT(A) alleged that the assessee did not prove that the surrender of the leased area was agreed to by both the parties. This cannot be accepted. The assessee brought to the notice of the learned AO/CIT(A) that the surrendered area is still in its possession and could not be let out to any other party as the Mall could not get success. The veracity of this assertion could be ascertained but nothing has been done. The assessee has all along declared the rent receipt on the basis of 32634.41 sq. ft. area occupied by the tenant Reliance Mediaworks Ltd. which has been accepted by the predecessor learned AO in the assessment order framed under Section 143(3) for the assessment year 2012-13 The assessee categorically denied receipt of rent over and above what is reflected in its books of accounts. Nothing has been brought on record to contradict the version of the assessee either by the learned AO or by the learned CIT(A). We, therefore, hold that rental income which has not been received by the assessee cannot be brought to tax. Accordingly, we delete the impugned addition made by the learned AO which has been confirmed by the learned CIT(A). - Decided in favour of assessee.
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