https://www.taxtmi.com/caselaws?id=458564 ITAT Visakhapatnam dismissed Revenue's appeal regarding deemed rental income under Section 23(1)(a). AO attempted to estimate higher rental income for assessee's commercial complex let to three parties, arguing actual rent received was below market rate. CIT(A) deleted the addition. ITAT held that Section 23(1)(a) deeming provisions apply only to vacant properties, not actually let-out properties where only agreed rent is taxable. Following Oberoi Hotels precedent, ITAT ruled that taxing notional income that never accrued is impermissible, upholding CIT(A)'s decision. en-us Thu, 26 Nov 2020 00:00:00 +0530 Wed, 06 Nov 2024 19:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458564 ITAT Visakhapatnam dismissed Revenue's appeal regarding deemed rental income under Section 23(1)(a). AO attempted to estimate higher rental income for assessee's commercial complex let to three parties, arguing actual rent received was below market rate. CIT(A) deleted the addition. ITAT held that Section 23(1)(a) deeming provisions apply only to vacant properties, not actually let-out properties where only agreed rent is taxable. Following Oberoi Hotels precedent, ITAT ruled that taxing notional income that never accrued is impermissible, upholding CIT(A)'s decision. Case-Laws Income Tax Thu, 26 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458564