TaxTMI 
TaxTMI 
2020 (10) TMI 1307
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....e. 2. These appeals have been filed by the Revenue under Section 260A of the Income Tax Act, 1961 (for short, the Act) challenging the common order dated 17.10.2017 made in ITA.No.462/Mds/2017, C.O.No.36/Mds/ 2017 and ITA.No.697/Mds/2017 on the file of the Income Tax Appellate Tribunal, Madras 'C' Bench (for brevity, the Tribunal) for the assessment year 2012-13. 3. The above appeals are admitted on the following substantial questions of law : "i. Whether the provisions of Section 23(5) of the Income Tax Act, 1961 inserted by the Finance Act, 2017 with effect from 01.4.2018 could be treated as retrospective in operation for the purpose of computing notional rent for taxation under the head 'income from house property'? ....
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....conflicting decision and misconstruction of the provisions of Section 22 of the Income Tax Act, 1961 ? v. Whether the Appellate Tribunal is correct in law in dismissing the appeal in ITA.No.697/ Mds/2017 as time barred by limitation/out of time by 72 days while overlooking the affidavit filed/placed on record incorporating the reasons for such delay while proving the perversity in recording facts in relation thereto? And vi. Whether the assessment of notional rent at Rs. 500/- per sq.ft., in terms of Section 23 of the Income Tax Act, 1961 was correct in law especially in the absence of valid materials available on record/comparable instances in relation thereto and especially in the light of the cryptic findings in the imp....
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.... considered : "i. The Appellate Tribunal erred in sustaining the computation of annual letting value of the unsold stock of residential flats in Victoria Towers for the purpose of computing notional rent under the 'income from house property' in the computation of taxable total income without assigning proper reasons and justification. ii. The Appellate Tribunal failed to appreciate that having noticed the main object of the appellant in the approved memorandum of association especially Clause 4 of the main object 'to carry on the business of real estate agent and to buy, take on lease or otherwise acquire, sell, let on hire or dispose of immovable property like houses, buildings, flats, holiday resorts, the assessment of ....
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....he deletion of notional rent pertaining to the unsold stock of commercial space in Coromandel Plaza in favour of the appellant, the sustenance of the notional addition pertaining to the Victoria Towers under the head 'income from house property' had established the perversity in their findings resulting in conflicting decision as well as proving complete non application of mind while further establishing the misconstruction of the provisions of law and the judge made law referred to the impugned order." 7. It is submitted that apart from that, there are also the above substantial questions of law, which we have quoted above. 8. Though they were not raised in the same form before the Tribunal, we find that there was an argument to that....