https://www.taxtmi.com/caselaws?id=761248 ITAT Visakhapatnam allowed the assessee's appeal regarding addition of income from house property based on estimated rent. The AO contended assessee received lower rent from one party compared to others. The assessee argued property was leased for continuous long periods to third parties, negating deemed rent under section 23(1)(a). The Tribunal relied on its earlier decision in assessee's own case for AY 2015-16 and distinguished revenue's cited case as it involved related parties. Here, leases were to unrelated third parties on commercial terms, with one tenant being a non-profit blood bank incidental to hospital operations. en-us Thu, 24 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 20:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761248 ITAT Visakhapatnam allowed the assessee's appeal regarding addition of income from house property based on estimated rent. The AO contended assessee received lower rent from one party compared to others. The assessee argued property was leased for continuous long periods to third parties, negating deemed rent under section 23(1)(a). The Tribunal relied on its earlier decision in assessee's own case for AY 2015-16 and distinguished revenue's cited case as it involved related parties. Here, leases were to unrelated third parties on commercial terms, with one tenant being a non-profit blood bank incidental to hospital operations. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761248