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TMI Blog2016 (4) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... ch in our opinion should not be the determining factor for deciding the date of letting out of the property. Section 2(ea)(i)(4) of the Act does not contemplate the usage of residential property only for residential purpose. We find that this section only says the residential property that has been let out for a minimum period of three hundred days in a previous year is eligible for exemption. We also find lot of force in the arguments of the ld.AR that the ld.AO having concluded that the subject mentioned property loses its status/character as residential property and gets converted into commercial property, in view of the fact that it has been let out for commercial purpose, the ld.AO ought to have granted exemption to the assessee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the sake of convenience. WTA No.20/Kol/2014 A.Y 2003-04 4. The only issue to be decided in this appeal is as to whether a residential property of the assessee, which has been let out is liable for exemption within the meaning of section 2(ea)(i)(4) of the W.T Act 1957 in the facts and circumstances of the case. 5. The assessee had a residential building, which was given on rent to M/s. Eli Lily Co. (India) Pvt. Ltd for a monthly rent of ₹ 1 lakh w.e.f 1-6-2002. The ld. AO based on the date mentioned in the TDS certificate as 13-6-2002, being the date of payment/credit of rent to the account of the assessee to be the date of actual date of let out of the property, came to a conclusion that the property was not let out f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. (India) Pvt. Ltd w.e.f 1-6-2002, which is more than 300 days in a year. Accordingly, we hold that the assessee is entitled for exemption u/s. 2(ea)(i)(4) of the W.T Act 1957. We find that the date reckoned by the ld.AO as 13/06/2002 is only the date of payment/credit mentioned in the TDS Certificate, which in our opinion should not be the determining factor for deciding the date of letting out of the property. Accordingly, the ground raised by the assessee in WTA 20/Kol/2014 for the assessment year 2003-04 is allowed. WTA No. 21/Kol/2014 A.Y 2003-04 (by the assessee) 8. The only issue to be decided in this appeal of the assessee is as to whether the property in question, which has been given on rent for more than 300 days in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or exemption. We also find lot of force in the arguments of the ld.AR that the ld.AO having concluded that the subject mentioned property loses its status/character as residential property and gets converted into commercial property, in view of the fact that it has been let out for commercial purpose, the ld.AO ought to have granted exemption to the assessee in terms of provisions of section 2(ea)(i)(5) of the Act. In view of the aforesaid facts and circumstances of the case, we hold that the assessee is eligible for exemption u/s. 2(ea)(1)(4) as well as u/s 2(ea)(i)(5) of the Act. Accordingly, the ground raised by the assessee in this appeal is allowed. 11. In the result, the appeal of the assessee in WTA No. 19/Kol/2014 for the A.Y 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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