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TMI Blog2016 (9) TMI 1478X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(1 )(a) r.w.s 23(4)(b) of the Income Tax Act, 1961 at Rs. 12,00,000/- as deemed income under the head Income from "House Property" for the reasons stated in the impugned order. 2. That the CIT(A) Failed to consider and appreciate that the Annual Letting Value be determined at Nil in terms of Section 23(1)(c) as declared by the appellant. 3. That the appellant craves leave, to add, alter, amend, forgo, and substitute any or all the grounds of appeal before or at the time of hearing." 2. The appeal came up for hearing on 14.06.2016 wherein the Ld.AR filing a synopsis submitted that the issue is covered in favour of the assessee by the orders of the ITAT. Reliance was placed on the copies of the decision already placed on record in the Pap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as submitted that the fact on record is that the said property in the year under consideration was lying vacant and that the CIT(A) in para 4.2 rejecting the main plea of the assessee that the ALV on the basis of section 23(1)(c) should be at NIL upheld the applicability of section 23(1)(a) r.w.s. 23(4b) and granted part relief by reducing the ALV of residential house at 15, Chinar, DLF Chatarpur lying vacant to Rs. 12 lacs as deemed income under the head income of "house property" and upholding the addition to the extent of Rs. 8 lacs deleting the balance addition of Rs. 40,000/-. In the said background the Ld.AR submitted that there is no dispute on the fact that the said property was lying vacant. The reasons for the property lying vacan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich devolves for consideration in terms of the grounds raised by the assessee relying on section 23(1)(c) is can the value of the said property be taken at NIL since the property remained admittedly vacant as the assessee due to a recession in the market was unable to find a tenant. These facts are admitted facts on record since as per page 5 of the AO and page para 4 of the impugned order in 2007-08 AY, the said property was lying vacant for three months and in the year under consideration it remained vacant for the entire year and infact for three months in 2010-11 AY also the said property admittedly was lying vacant. The AO has considered this fact however the claim on the grounds of recession in the market and inability to find a tenan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CBDT Circular No.14 of 2001-252 ITR Statute para 29 unambiguously explains that the said amendment was brought out to rationalize the provisions of the Act so as to simplify determination of ALV. Considering the facts which have not been disputed and the above provision of law, we find that in the light of the judicial precedent cited namely ACIT, Delhi vs Prabha Sanghi para 10, 13 [2013] (1) TMI 18; Kamal Mishra vs ITO, Ward 31(2) [2008] 19 SOT 251 (Delhi); and DLF Office Developers v ACIT, Delhi [2008] 23 SOT 19 (DELHI) and Prem Sudha Exports Pvt. Ltd. vs ACIT 17 SOT 293 (Mum.), and noting that no contrary view has been cited by the Revenue despite more than ample opportunity, we find that the appeal of the assessee has to be allowed. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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