TaxTMI 
TaxTMI 
2023 (4) TMI 804
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....sessment order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'), dated 24.12.2019. 2. The grounds of appeal raised by the assessee are as follows: "1. NATURAL JUSTICE 1.1 It is submitted that, in the facts and the circumstances of the case, and in law, the appellate order so framed be held as bad and illegal, as: (i) The same is framed in breach of the principles of natural justice; and (ii) The same is perverse, passed without application of mind to the facts on record. 1.2 Without prejudice to the generality to the above, in the facts and the circumstances of the case, and in law, the order is bad in law as: (i) ....
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....received rent of Rs.25,92,000/- from ICICI Bank Limited, however the same was not shown in house property income of the assessee. Therefore, vide letter of assessing officer dated 22/12/2019, the assessee was asked to furnish the detail of amount of Rs.25,92,000/- shown as rent receipts in form 26AS and was show caused why the amount should not be added to his income, since he has not shown the income in its return. Content of the show-cause letter of AO is as under: "On perusal of your submission, it is seen that you have not shown house property receipts of Rs.25,92,000/- received from ICICI Bank, in your return of income. In this regard, please furnish the reason for this discrepancy alongwith supporting documentary evidences. F....
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....tandard deduction u/s 24 Rs.21,55,410/- Income from House property Rs.50,29,290/- 5. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A), who has confirmed the action of the Assessing Officer. The ld CIT(A)noted that assessee has not submitted any proof that the property was vacant during the year and the assessee had not claimed any vacancy allowance as per section 23(1)(c) of the Act. Under these circumstances in the facts of this case the AO's action to adopt gross annual value from the said property to be at Rs.71,84,700/- on par with the actual rental receipts received from the same property, during the earlier FY is found to be reasonable on the quantum estimated....
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....minated with effect from 18.04.2016. The Ld. Counsel also invited the attention of the Bench at page no. 5 and 6 of the paper book, wherein the assessee has shown rental income for AY.2016-17 and the rent paid to the assessee is also getting reflected in Form No.16. The Ld. Counsel also submitted the computation of total income (vide page no.7 of paper book) wherein the Ld. Counsel contended that assessee has offered rental income for eighteen days in respect of property at Rs.4,55,532/- and also stated that relevant TDS has been deducted by ICICI Bank (vide paper book page no.8). The assessee also submitted the copy of the tax paid to the municipality in respect of the property. The Ld. Counsel also took us through the agreement between th....
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....he case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that assessee had received the sum of Rs.4,55,532/- for assessment year 2017-18, towards rent from the relevant property for the period 01.04.2016 to 18.04.2016. The relevant rent income received has been offered to tax by the assessee as per the computation reproduced below: 10. Thus we note that assessee has offered gross rent received of Rs.4,55,532/- from this relevant property for the F.Y.2016-17, relevant to the AY.2017-18. Against this the AO has presumed and assessed the Gross annual value at Rs.71,84,700/- in the assessment year 2017-18, as the notional rent. That is, assessing office....