Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The ITAT ruled in favor of the appellant regarding vacant commercial mall units, determining their annual let-out value as "Nil" under section 23(1)(c). The Tribunal rejected the AO's assumption that the properties were not intended for letting, noting that no reasonable business person would forgo rental revenue if opportunities existed. Evidence that the premises were leased in subsequent years further supported the appellant's position. Since the units remained vacant for the entire assessment year despite the appellant's efforts to let them out, the ITAT concluded that the statutory conditions under section 23(1)(c) were satisfied, warranting nil valuation and deletion of the AO's addition.
The ITAT ruled in favor of the appellant regarding vacant commercial mall units, determining their annual let-out value as "Nil" under section 23(1)(c). The Tribunal rejected the AO's assumption that the properties were not intended for letting, noting that no reasonable business person would forgo rental revenue if opportunities existed. Evidence that the premises were leased in subsequent years further supported the appellant's position. Since the units remained vacant for the entire assessment year despite the appellant's efforts to let them out, the ITAT concluded that the statutory conditions under section 23(1)(c) were satisfied, warranting nil valuation and deletion of the AO's addition.
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