2022 (2) TMI 1053

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..... ft.) Rent per month Rent per month per sq. ft. 1 . M/ s Flora & Fauna Housing & Land Development Pvt. Ltd . 40000 13 . 50 l acs Rs. 33 . 75 2 . M/ sWaveInfratech Pvt . Ltd. 20000 6 . 5 l acs Rs. 32 . 50 3 . Uppal Chadha ( Hi- Te ch Developers Pvt . Ltd.) 20000 7 lacs Rs. 35 3. The AO invoked provisions of Section 23 of the Income Tax Act, 1961 which states as under: "23. (1) For the purposes of section 22, the annual value of 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 ....

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.... Developers Pvt. Ltd.), the same should have been charged from other two tenants also which is at presently charged @ Rs. 33.75 and Rs. 32.50. 7. Aggrieved, the assessee filed appeal before the ld. CIT(A) who confirmed the action of the AO disregarding the submissions of the assessee. 8. Heard the arguments of both the parties and perused the material available on record. 9. The reply of the assessee dated 09.05.2018 is as under: "Sub:- Appellant proceedings in the case of Vijay Processors Pvt. Ltd., AY 14-15. With regard to the captioned subject matter this has reference to hearing held on 25.04.2018. The only issue in the appeal is with regard to the enhancement of the rent (ALV) of property bearing no. C-1, Sec....

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....dte of commencement of this Act or the date of letting, whichever is later (hereinafter in this section referred to as the said date); (b) the cost of construction, maintenance and repairs of the buildings; (c) the prevailing rents for similar buildings in the locality immediately before the said date; (d) the amenities provided in the building; (e) the latest assessment, if any, of the building; (f) any other relevant fact which appears in the circumstances of the case to be material. (3) Every other made under sub-section (1) shall, subject to the result of any appeal preferred under section 10, be final." 3. It is submitted that so far the immovable property of the appellant ....