9911796707
TMI Blog1983 (2) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... ng. 4. It is contended that the section charging penal interest is not at all attracted in the present case." As such and for the reasons stated by the Commissioner (Appeals), with which we agree, we uphold his order on the points involved in the above grounds of appeal. 3. Admittedly, the assessee in the year under consideration was the owner of the property bearing No. X-25, Hauz Khas,New Delhi. Vide agreement to sell dated7-10-1976, the assessee agreed to sell the said property to Mr. Ved Prakash. It is also an admitted position that the possession of the said property was handed over to Ved Prakash on7-10-1976. The sale deed in respect of the said house was executed and registered in favour of Ved Prakash by the assessee on19-11-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is let out. In other words, the condition that the vacancy should recur after the property is let out has been waived. Against this, it is stated that 'if a man owns a house for his own occupation, ready for him to live in when he chooses to do so. . . he is assessable, or further that a house occupied by the owner, i.e., kept in such a manner that he can enter into residence at any time and not let, is such vacant unless dismantled and shut up, The contesting terms are more appropriately 'user' or 'non-user' rather than 'occupation' and 'vacancy'. The provision in clause (ix) is meant for let [out] houses. The owner of a house who occupies it himself and keeps it as a guest house cannot claim an allowance for vacancies on the ground th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y' shall, subject to the provisions of sub-section (2) be computed after making the following deductions, namely :-- (ix) where the property is let and was vacant during a part of the year, that part of the annual value which is proportionate to the period during which the property is wholly unoccupied or, where the property is let out in parts, that portion of the annual value appropriate to any vacant part, which is proportionate to the period during which such part is wholly unoccupied. Explanation : The deduction under this clause shall be made irrespective of whether the period during which the property or, as the case may be, part of property was vacant precedes or follows the period during which it is let ;" It is an admitted p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome from house property under the existing provisions of the Income-tax Act, a deduction by way of vacancy allowance is granted in cases where a house property which is let out remains vacant for a part of the year. The existing provisions have been construed to imply that the deduction by way of vacancy allowance can be granted only where the vacancy occurs after the house has been let out by the assessee. It is proposed to make a provision clarifying that the deduction in respect of vacancy allowance shall be granted irrespective of whether the period during which the property was vacant during the relevant year precedes or follows the period during which it is let out." It is thus clear not only from the language of the Explanation read ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
