ITAT Cochin allows vacancy allowance for property, rejecting CIT's direction.

The ITAT COCHIN ruled in favor of the assessee, allowing vacancy allowance for the property. The CIT's direction was rejected, affirming the assessee's entitlement to the vacancy allowance for the relevant period without the need for High Court reference.

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The Appellate Tribunal ITAT COCHIN ruled in favor of the assessee regarding vacancy allowance for a property. The CIT's direction to compute income was rejected, and the assessee was deemed entitled to the vacancy allowance for the period in question. The Tribunal held that the period in question fell within the accounting year, so no reference to the High Court was necessary. The application was rejected.

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