TaxTMI 
TaxTMI 
2020 (8) TMI 308
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....ppression of rental income by the assessee. 2. On the facts and in the circumstances of the case, the learned CIT(Appeals) erred in not considering and recording a finding on the alternative claim of the assessee that even if the impugned addition of Rs. 12,19,612 is to be made, the assessee is statutorily entitled to deduction of standard deduction @30% u/s. 24 of the Income-tax Act from the aforesaid alleged suppressed rental income." 3. Brief facts of the case are that the assessee has e-filed its return of income on 14.10.2013 declaring total income at Rs. 11,08,100/-. After processing the return under section 143(1), the case of the assessee was selected for scrutiny assessment and notice under section 143(2) of the Act was issued....
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....furnished to the AO. The ld.AO did not accept explanation of the assessee. He mainly doubted the authenticity and enforceability of the said agreement. Accordingly, he worked out the differential amount of Rs. 12,19,612/- and added the same to the total income of the assessee. In appeal before the first appellate authority, the assessee filed detailed explanation, however, the same did not yield any relief to the assessee. The assessee is now before the Tribunal. 4. Before me, the ld.counsel for the assessee reiterated his submissions made before the ld.Revenue authorities that the AO has not doubted leasing out of the property to BWL, what overweighed to persuade them is that, the date of agreement was not mentioned in the Addendum Lease ....
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....uthorities have concurrently found that the claim of the assessee was not substantiated by evidence. Therefore, both the revenue authorities are justified in rejecting the claim of the assessee. 6. I have considered submissions of both the parties and gone through the record carefully. The ld.CIT(A) has agreed with the AO and recorded following finding: "3.8 I have considered the assessment order, remand report and rejoinder filed by the appellant. House property income is charged u/s.22 of the Income Tax Act on the basis of the annual value of property. The annual value is determined as per section 23 which is deeming section and states that for the purpose of section 22 the annual value of any property shall be deemed to be the sum for....