Asfa Technologies & BPO (P.) Ltd. v. ITO (2022) 197 ITD 323 (Chennai)(Trib.)

S. 23 : Income from house property-Annual value-Vacancy allowance-Property vacant for whole or any part of previous year-Vacancy allowance is allowable. [S. 22, 23(1)(c)]

Assessee has let out the property  from assessment years 2008-09 to 2011-12, however, same was vacant due to non-availability of tenants. The AO  computed the annual value of property under  section 23(1)(a)  of the Act. Held that  if property is let out for two or more years and was vacant for whole or any part of previous year, then said property  provision of  section 23(1)(c)   would be applicable. AO was directed to delete the addition.  (AY. 2013-14)