TMI Blog2015 (12) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... r or before the CIT(A) or the Tribunal from the said rule. However, no argument was raised based on Rule 4 of the Rules and, therefore, no reference was made by the Tribunal to Rule 4 of the Rules. Moreover, the revenue could not refer to any material on record to show that the assessee was ever confronted to establish the requirements of Rule 4 of the Rules to claim benefit of unrealized rent. Accordingly, the substantial question of law claimed on that basis does not arise. Adverting to the judgments in D.C. Anand and sons and D.M. Vakil's cases (1945 (9) TMI 1 - BOMBAY HIGH COURT ) relied upon by the learned counsel for the appellant-revenue, it may be noticed that the principle of law enunciated therein, is well recognized, however, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, revised return was filed on 24.1.2005 at the same income in which refund claim of TDS at ₹ 31,66,027/- was made as against claim of ₹ 28,80,291/- in the original return. The return was processed on 30.3.2006 and notice under Section 143(2) of the Act was issued on 27.8.2006. Thereafter, notice under Section 142(1) along with questionnaire was issued on 3.10.2006. The assessee had not declared the income of rent of the building at Mohali amounting to ₹ 10 lacs. The assessment was framed by the Assessing Officer vide order dated 31.10.2006 (Annexure A-1) by making addition of ₹ 7,00,000/- after allowing deduction at the rate of 30% under Section 24(a) of the Act. Feeling aggrieved, the assessee filed an appeal befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus:- 23. Annual value how determined.- (1) For the purposes of Section 22, the annual value of any property shall be deemed to be- (a) the sum for which the property might reasonably be expected to let from year to year; or (b) Where the property or any of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), amount so received or receivable; or (c) Where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel for the revenue had referred to Rule 4 of the Rules. From a perusal of the orders passed by the Assessing Officer, the CIT(A) and the Tribunal, we notice that no aid was taken by the Assessing Officer either in his order or before the CIT(A) or the Tribunal from the said rule. However, no argument was raised based on Rule 4 of the Rules and, therefore, no reference was made by the Tribunal to Rule 4 of the Rules. Moreover, the revenue could not refer to any material on record to show that the assessee was ever confronted to establish the requirements of Rule 4 of the Rules to claim benefit of unrealized rent. Accordingly, the substantial question of law claimed on that basis does not arise. 11. Adverting to the judgments in D.C. Anan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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