2020 (12) TMI 576

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....peal pertains to the Assessment Year 2010-11. The appeal was admitted by a Bench of this Court vide order dated 15.02.2015 on the following substantial questions of law: "1. Whether, in the facts and in the circumstances of the case, the Tribunal is right in law in determining the Annual value of Rs. 15,00,000/- for an under construction building on notional basis under sections 22 and 23 of IT Act? 2. Whether, in the facts and in the circumstances of the case, the Tribunal is right in law in treating the fee paid towards the regularization of additional construction as against the sanctioned plan as penalty? 3. Whether, in the facts and in the circumstances of the case, the Tribunal is right in law in failing to appreciate that regul....

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....d the appeal preferred by the assessee. The assessee thereupon approached the Tribunal (hereinafter referred to as 'the Tribunal' for short) by filing an appeal. The Tribunal, by an order dated 16.10.2014, partly allowed the appeal of the assessee in respect of Assessment Year 2010-11. However, the order of the Assessing Officer as well as the Commissioner of Income Tax (Appeals) insofar as it pertains to determination of annual letting value at Rs. 15,00,000/- for the purpose of computing the income from house property, was maintained. In the aforesaid factual background, the assessee has approached this Court. 5. Learned counsel for the assessee submitted that computation of notional rent in respect of a building which was under ....

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....d by the Tribunal does not give rise to any substantial question of law. The findings of fact recorded by the Tribunal is on the basis of the material on record and the same cannot be treated as perverse. It is also pointed out that even the assessee has not disputed the fact that during the Assessment Year, building was handed over to M/s.Brigade Foundation to run the school, on contract basis and the assessee has failed to declare any rental income. Therefore, the Assessing Authority has rightly computed the notional rent on the building in question as the same was completed in part. In this connection, our attention has been invited to paragraphs 29 and 30 of the order passed by the Assessing Authority, paragraph 5.3 of the order passed ....