TaxTMI 
TaxTMI 
2021 (2) TMI 62
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....he facts and circumstances of the case and in law, the Ld. Commissioner of Income-tax (Appeals) erred in confirming the action of the Ld. Assessing officer in computing the Annual Letting Value of the property situated at Anna Salai, Chennai at 11,37,878 although the same ought to be taken as Nil under section 23(1)(c) of the Act. 2. On the facts and circumstances of the case and in law, the Ld. Commissioner of Income-tax (Appeals) erred in confirming the action of the Ld. Assessing officer without appreciating the fact that the appellant could not let out the said property as it was beyond the control of the appellant. 3. On the facts and circumstances of the case and in law, the Ld. Commissioner of Income-tax (Appeals) e....
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....ppeal before the CIT(A) who decided the matter of controversy by virtue of order dated 30.10.2019 but the assessee was not satisfied on the ground of assessment of Annual Letting Value of vacant property of Anna Salai, therefore, the assessee has filed the present appeal before us. ISSUE Nos. 1 to 4 4. Under the above said issues the assessee has challenged the confirmation of the order of the AO in computing the Annual Letting Value of property situated at Anna Salai, Chennai @ 11,37,878/-. At the outset, the Ld. Representative of the assessee has argued that the issue has duly been covered by the decision of Hon'ble ITAT in the assessee's own case bearing ITA. No.6204/M/2018 for the A.Y 2014-15 titled as Empire Capital Pvt. Ltd. Vs.....
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....any property shall be deemed to be- (a) the sum for which the property might reasonably be expected to let from year to year; or (b) where the property or any part of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable; or (c) where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable." The provisions of clause (c) of section 23(1) of the Act are attracted if follow....
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....rized Representative of the assessee has also furnished copy of the assessment order dated 18/12/2018 passed under section 143(3) of the Act for assessment year 2016-17. No addition on account of rental income/ notional rental income has been made by the Assessing Officer in the assessment order. Thus, rental income offered to tax has been accepted by the Assessing Officer. In the past as well the property under question was let out. It was during the period relevant to assessment year under appeal that the property was lying vacant for which reasons were given by the assessee. In the peculiar facts of the case we are of the considered opinion that no addition on account of notional rent is warranted. 8. The Co-ordinate bench in th....