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TMI Blog2021 (2) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... ated by Bank. On similar circumstances, the Hon ble ITAT has already explained the reason in which the rental value of the premises was not liable to be assessed on the percentage basis of the value of the property. Accordingly, it is quite clear that the case of the assessee has duly been covered by the Hon ble ITAT in the assesse s own case [ 2019 (11) TMI 983 - ITAT MUMBAI ] therefore, we set aside the finding of the CIT(A) on these issues and allowed the claim of the assessee. - Shri Shamim Yahya, AM And Shri Amarjit Singh, JM For the Assessee : Shri Nimesh Chathani For the Revenue : Shri Vijay Kumar P. Menon (DR) ORDER PER AMARJIT SINGH, JM: The assessee has filed the present appeal against the order dated 31.07.2019 passed by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee company under the year under consideration has received of ₹ 3,74,08,800/- as share premium on account of issue of 1100 shares having face value of ₹ 100/- The shares were issued to Kalpita Agencies Pvt. Ltd. The AO assessed the share value in sum of ₹ 30,598.20/-, hence, differential amounting in sum of ₹ 39,04,780/- was added to the income of the assessee. The assessee company was having the vacant property at Anna Salai. The Annual Letting Value (ALV) of the property was assessed @ 6% of capital value of the house property and 6% of ₹ 1,89,64,626/- i.e. 11,37,878/- was held to be the ALV (Annual Letting Value). This was also added to the income of the assessee and the total income of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of vacant property. It is an undisputed fact that the property of the assessee at Anna Salai, Chennai was let out in the past and the rental income from the said property was offered to tax by the assessee under the head, Income fromHouse Property . It was during the period relevant to assessment year under appeal that the property of the assessee was lying vacant and the assessee did not offer any rental income in the return of income. The assessee has given reasons explaining as to why the property in question could not be let out. 6. Before proceeding further, it would be relevant to refer to the provisions of section 23 of the Act dealing with determination of annual value of the property. For the sake of ready reference, the relev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vacant for the entire year and hence, no actual rent was received by the assessee. Consequently, the assessee did not offer any rental income to tax. In the given facts, the provisions of section 23(1)(c) of the Act get attracted. 7. In so far as the observation of the lower authorities and the arguments of the ld. Departmental Representative that the assessee has not furnished any evidence indicating efforts made for letting out the premises, we do not find force in the same. The assessee during the Financial Year 2015-16 has purportedly rented out the premises and has offered the rental income to tax. A perusal of the statement of profit and loss account for the year ended 31/03/2016 furnished by the ld. Authorized Representative of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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