https://www.taxtmi.com/caselaws?id=338745 The Tribunal ruled in favor of the assessee, setting aside the addition of Rs. 13,02,000 to income. It held that the properties, though vacant due to economic conditions, should have a nil Annual Lettable Value under section 23(1)(c) of the IT Act. The decision emphasized the intention to let out the property and economic factors affecting rental income, aligning with the statutory interpretation of section 23(1)(c). The Tribunal allowed the appeal, deleting the addition and overturning the lower authorities' decisions on interest levy and penalty initiation. en-us Tue, 31 Jan 2017 00:00:00 +0530 Fri, 10 Feb 2017 09:25:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338745 The Tribunal ruled in favor of the assessee, setting aside the addition of Rs. 13,02,000 to income. It held that the properties, though vacant due to economic conditions, should have a nil Annual Lettable Value under section 23(1)(c) of the IT Act. The decision emphasized the intention to let out the property and economic factors affecting rental income, aligning with the statutory interpretation of section 23(1)(c). The Tribunal allowed the appeal, deleting the addition and overturning the lower authorities' decisions on interest levy and penalty initiation. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338745