https://www.taxtmi.com/caselaws?id=469406 Reassessment under sections 147 and 148 is sustainable where tangible material provides reason to believe that income escaped assessment; the challenge based on change of opinion fails where previously untaxed rental income from vacant units is identified. Vacancy allowance under section 23(1)(c) applies where property was let in an earlier period, remains held for letting, and is vacant throughout the relevant year. The expression "property is let" does not require actual letting during that year. Consequently, deemed rental income from such vacant units is not chargeable, and the related addition is deleted. en-us Wed, 05 Mar 2025 00:00:00 +0530 Tue, 16 Jun 2026 21:37:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469406 Reassessment under sections 147 and 148 is sustainable where tangible material provides reason to believe that income escaped assessment; the challenge based on change of opinion fails where previously untaxed rental income from vacant units is identified. Vacancy allowance under section 23(1)(c) applies where property was let in an earlier period, remains held for letting, and is vacant throughout the relevant year. The expression "property is let" does not require actual letting during that year. Consequently, deemed rental income from such vacant units is not chargeable, and the related addition is deleted. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469406