2021 (7) TMI 1494

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....e Respondent : T.S Khalsa ORDER Per Pramod Kumar VP: 1. By way of this appeal, the assessee-appellant has challenged the correctness of the order dated 8th July 2019, passed by the learned CIT(A) in the matter of assessment u/s. 143(3) of the Income Tax Act, 1961 for the assessment year 2013-14. 2. Grievance raised by the appellant is as follow :- 1. The learned CIT(A) erred i....

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....on 23. When matter travelled in appeal, learned CIT(A) confirmed the action of the Assessing Officer and observed as follows :- DECISION: I have gone through the assessment order, facts on record and the written and oral submissions made by the learned representative on the issue in hand. It has been contention of the assessee that for letting out property, assessee was ....

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....o force effective from AY 2002-2003. With a view to rationalize the deductions and simplify the computation, the Act has substituted the said section so as to provide for only two deductions, namely a deduction of thirty per cent of annual value (which takes into account all expenses and outgoings for maintaining the property) and interest paid on capital borrowed. The deduction claimed b....

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....21. In effect, thus, the actual rent received by the assessee, for sub-letting, was net of this proportionate annual amount of Rs. 7,78,420/-. It is only the net amount, i.e., gross sub-letting charges paid by the assessee to the actual owner MIDC, which can be treated as income of the assessee on account of sub-letting. It is particularly so as the sub-letting being paid to a governmental body li....