TMI Blog2020 (10) TMI 1307X X X X Extracts X X X X X X X X Extracts X X X X ..... able total income without assigning proper reasons and justification? - HELD THAT:- We have carefully gone through the impugned proceedings and we find that the reasons assigned by the Tribunal are not clear and cogent. Though they were not raised in the same form before the Tribunal, we find that there was an argument to that effect, which has not been dealt with by the Tribunal. Therefore, we are inclined to interfere with the impugned order and remand the matters to the Tribunal for a fresh consideration. That apart, the Revenue was also aggrieved by one portion of the order passed by the Tribunal, which, according to the Revenue, was factually and legally incorrect and therefore, they moved a miscellaneous petition before the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of computing notional rent for taxation under the head income from house property ? ii. Whether the provisions of Section 23(5) of the Income Tax Act, 1961 was correctly applied by the Tribunal for computing notional rent for the unsold stock of flats in Victoria Towers especially when the notional computation on the plain reading of the said Sub-Section would apply after one year from the end of the financial year in which the certificate of completion of construction of the property is obtained from the Competent Authority resulting in mis-construction of the provision ? iii. Whether the assessment of notional rent pertaining to unsold stock of flats in Victoria Towers overlooking the approved main object in the memorandum of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion thereto and especially in the light of the cryptic findings in the impugned order in relation thereto? 4. The assessment for the year under consideration was completed by the assessment order dated 27.3.2015. Aggrieved by the same, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals)-15, Chennai-34 [for brevity, the CIT(A)], who, by order dated 07.11.2016, allowed the appeal. As against that, the Revenue preferred an appeal before the Tribunal and the assessee filed a cross objection. The Tribunal, by common order dated 17.10.2017, which is impugned in these appeals, allowed a portion of the appeal filed by the Revenue and thereby set aside the order passed by the CIT(A) to that extent. 5. With regar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... like houses, buildings, flats, holiday resorts, the assessment of notional rent in such circumstances under the head income from house property was bad in law. iii. The Appellate Tribunal failed to appreciate that having accepted the stand on the assessment of rental income from the Coromandel Plaza/commercial complex under the head income from business in the impugned order after noticing the assessment of actual rent by the respondent/Revenue also under the head income from business , there was no legal reasoning for assessing notional rent for unsold stock of flats especially in the context of the appellant admittedly engaged in the business of real estate including the letting of flats on hire, thereby vitiating the different ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal, we find that there was an argument to that effect, which has not been dealt with by the Tribunal. Therefore, we are inclined to interfere with the impugned order and remand the matters to the Tribunal for a fresh consideration. That apart, the Revenue was also aggrieved by one portion of the order passed by the Tribunal, which, according to the Revenue, was factually and legally incorrect and therefore, they moved a miscellaneous petition before the Tribunal and it was allowed by order dated 08.10.2018. The Tribunal is to hear the Revenue afresh on that issue. Hence, interest of justice would be met and interest of the Revenue also would be protected if the entire matter is remanded to the Tribunal for a fresh consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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