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| The Tax Publishers2019 TaxPub(DT) 5163 (Del-Trib) INCOME TAX ACT, 1961
Sedction 23(1)(c)
Property occupied by assessee-company for its own purpose as its registered office could not be said to be property lying vacant during the year. Merely on the basis of area of the office being large, accordingly, addition made by AO was deleted.
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Income from house property - Annual value - Property used on registered office treated as vacant on the basis of size of registered office -
AO brought to tax deemed rent in respect of property owned by assessee-company at 17, Okhla Industrial Estate, Phase-III, New Delhi, 110020. Assessee submitted that the said property was registered office of the company and hence, same could not be considered to be a vacant property so as to be charged to tax on deemed income. AO rejected this on the ground of area of the office being large.Held: Property occupied by assessee-company for its own purpose as its registered office could not be said to be property lying vacant during the year. Merely on the basis of area of the office being large, accordingly, addition made by AO was deleted.
Relied:Mission Verdes Estate (P) Ltd., v. Asstt. CIT ITA No. 4236/Del/2015.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
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