ITAT Mumbai: Notional Income Additions Removed for Thane & Mahavir Market Properties The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee, deleting the additions of notional income under the head 'Income from house ...
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ITAT Mumbai: Notional Income Additions Removed for Thane & Mahavir Market Properties
The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee, deleting the additions of notional income under the head "Income from house property" for both the Thane and Mahavir Market properties for the assessment year 2006-07.
Issues Involved: The judgment involves the confirmation of notional income under the head "Income from house property" for two properties located in Thane and Mahavir Market, Navi Mumbai for the assessment year 2006-07.
Thane Property - Notional Income Confirmation: The assessee filed a return of income declaring &8377; 14,46,770/- for the year, but the Assessing Officer (A.O.) noticed that the assessee owns multiple house properties and had not offered income from house property. The A.O. calculated the income from house property for the period from September 2005 to the end of the financial year, making an addition of &8377; 1,43,325/-. The assessee contended that the property was effectively leased out from April 2006 and the A.O.'s calculation was erroneous. The Appellate Tribunal found that the property was let out in April 2006 after furnishing work, and thus deleted the addition of &8377; 1,43,325/-.
Mahavir Market Property - Notional Income Confirmation: Regarding the property at Mahavir Market, Navi Mumbai, the A.O. concluded that the property was being utilized by a partnership firm in which the assessee was a partner, and added &8377; 1,68,000/- as "income from house property." The assessee argued that the income qualified for exemption u/s.22(2) based on a precedent. The Tribunal found the facts similar to the precedent and deleted the addition of &8377; 1,68,000/-, allowing the appeal filed by the assessee.
Conclusion: The Appellate Tribunal ITAT Mumbai allowed the appeal filed by the assessee, deleting the additions of notional income under the head "Income from house property" for both the Thane and Mahavir Market properties for the assessment year 2006-07.
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