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TMI Blog2021 (12) TMI 401X X X X Extracts X X X X X X X X Extracts X X X X ..... see received from letting out the house property which can be subject to tax u/s 22 of the Act. Thus the CIT(A) has rightly allowed the interest expenses and partly allowed the portion which is made as per total addition. CIT(A) has categorically observed that all the fit out workings including furniture, fitting, fixtures etc. were required to be executed by the licensee. The observations made by the CIT(A) are in consonance with the Leave and Licence Agreement and no contrary evidence was put up before us or before any revenue authorities by the assessee. Therefore, there is no need to interfere with the order of the CIT(A). Hence cross objection of the assessee is dismissed. - ITA No. 6515/Del/2018 CO. No. 221/Del/2018 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty was rented out by Wadhwa Group Housing Pvt. Ltd to Roche Products (India) P. Ltd. vide leave and license agreement dated 06/01/2014. The property continued to be let out to Roche Products (India) P. Ltd even after it was purchased by the assessee. The assessee signed Deed of Adherence with M/s Wadhwa Group Housing Pvt. Ltd. (hereinafter referred to as the WHPL ) and the tenant Roche Products (India) P. Ltd. (hereinafter referred to as the RPIPL ) dated 09/05/2014 agreeing to the terms of Leave and License Agreement with certain modifications. During the year under consideration, gross rental income of ₹ 8,13,40,200/- was received by the assessee and after deduction of interest expenses of ₹ 4,06,22,451/- on loan taken and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies. 6. Ld. AR relied upon the assessment order and order of the CIT(A). 7. We have heard both the parties and perused all the relevant materials available on record. The CIT(A) has given a categorical finding that the assessee purchased bare office space in bare shell condition and as per the Leave and Licence Agreement/Deed of Adherence all the fit out works including furniture, fittings and fixture etc. were required to be executed by the licensee and there was no rent element in respect of furniture, fitting, fixtures etc. It is a clear case of rental income of the assesee received from letting out the house property which can be subject to tax u/s 22 of the Act. Thus the CIT(A) has rightly allowed the interest expenses and partly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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