TaxTMI 
TaxTMI 
2022 (2) TMI 1509
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....as erred in confirming the addition of Rs. 15,12,000/-, which was arbitrarily and illegally made by the Id. A.O. under the head "House Property". 2. That the Id. CIT(A) had erred in not appreciating that on the peculiar facts & circumstances of the case, the income under the head "House Property" was not assessable in respect of the basement of property no. G-83, Preet Vihar, Delhi-110092, particularly when the tenant NUT Limited had vacated the same in the month of January 2013 and no other tenant had agreed to take the same on rent throughout the previous year relevant to A.Y. 2014-15, because the basement was permitted to be used only for storage purposes. 3. That the Id. CIT(A)'s action of (a) relying upon the decision of Hon....
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....the earlier years. Assessee claimed that her property situated in basement of 83, Block G, Preet Vihar, remained vacant during assessment year 2014-15, hence, fall in her income. Assessing Officer after getting the facts verified from the Inspector reached the conclusion that since the property in question was let out to a Pvt. Ltd. company in the previous year and assessee was taking rent on commercial rates, the said property squarely falls under Section 23(1)(a) of the Income Tax Act, 1961 (hereinafter referred to the Act) and has an annual value greater than zero and thereby assessed the income from house property by determining the annual value at Rs. 15,12,000/- and framed the assessment at the total income of Rs. 55,58,860/ -. 3. As....
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....termination in this case is, "as to whether ld. CIT (Appeals) has erred in confirming the addition made by Assessing Officer in computing the annual letting value (for short ALV) of the property in question whereas it ought to be taken at 'NIL' under Section 23(1)(c) of the Act." 7. Undisputedly, the property was let out by the assessee to NIIT Pvt. Ltd. by virtue of the agreement dated 1.08.2009 for a period of 9 years at the rent of Rs. 1,50,000/- per month. It is also not in dispute that NIIT Pvt. Ltd. has vacated the property in question with effect from 31.01.2003. It is also not in dispute that Ld. CIT (Appeals) upheld the order passed by the Assessing Officer by applying the provisions contained under Section 23 (1)(a) of th....
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....is in the occupation of the owner for the purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or part of the house shall be taken to be nil." 8. Crux of the provisions, contained under Sections 23(1)(a) & (c) of the Act are: when the property remained on rent in the previous years and thereafter remained vacant in the next entire year under consideration and assessee made frantic efforts to let out the same, but failed, in that situation the actual rent received from it has to be considered as zero being ....