S.23: Income from
house property-Notional rent-Property let out from April 2006-Income cannot be estimated on notion basis for the year
ending 31-03-2005.
Assessee received the possession of
property in December 2005.Assessee took three months to complete the furniture
work and the property was let out from April 2006. AO held that as the property
was in possession of the assessee, the provisions of section 23(1) were
attracted and annual value of the property was deemed to be the income of the
assessee. Tribunal held that where on account of interior work being carried
out during the year the property could only be leased out from the next financial
year , no notional rent could be added as the income of the assessee in the
current year.(ITA no 4032/Mum/2009 dt 25-05- 2012 Bench “F’).(A.Y. 2006-07)
Bhawanji Kunverji
Haria v. DCIT (2013) BCAJ–September-P. 28(Mum.)(Trib.)
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