2019 (7) TMI 306

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....Section 23 (1) (a) of the Income Tax Act, 1961 ?" 2. By consent of the parties as issue is small, we have heard the Appeal finally. Brief facts are as under : 3. The Appeal is filed by the Assessee challenging the Judgment of the Income Tax Appellate Tribunal ('the Tribunal' for short) dated 12th September, 2016. For the assessment year 2009-10, the Assessee had filed the return of income. The Assessee had purchased a commercial property from one M/s. Prime Property Development Corporation Limited under Conveyance Deed dated 18th December, 2008. The intention of the Assessee was to let out this property for earning rental income. The building in which this property was situated, was not given Occupancy Certificate ('OC' for short). Th....

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....d the Assessee's Appeal. The Tribunal was of the opinion that the interpretation of the Revenue Authorities of Section 23 (1) (c) of the Act was correct. The Tribunal relied upon and referred to the decision of High Court of Andhra Pradesh in case of Vivek Jain v. Assistant Commissioner of Income Tax 337 ITR 74 (Andhra Pradesh). 6. We have heard the learned Counsel appearing for the parties and perused the documents on record. It is not necessary to enter into the interpretation of Section 23(1)(c) of the Act, since this issue can be thrashed out on the facts and the first principles emerging from the statutory provisions. As noted, the facts are that though the Assessee acquired the property in question under Conveyance Deed dated 18th ....