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Income Tax - Highlights / Catch Notes

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Estimation of income from house property - AO failed to ...

Income Tax

January 5, 2016

Estimation of income from house property - AO failed to appreciate such estimation of annual letable value as per provision of Section 23(1)(a) was called for only in case of vacant property and not where the property was actually let out since in the case of let out property, the assessee was not entitled to anything over and above the agreed rent - AT

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  8. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

  9. Income from house property - Estimation of annual value @8.5% appears to be without any basis since the annual value has to be determined as the value for the property...

  10. While computing annual value of property which has been let out - disallowance made on account of brokerage charges, legal expenses, maintenance charges and insurance...

 

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