Assessee, engaged in developing malls, had let out 253 units out of 261 units. For the remaining 8 units, no rent was shown as they remained vacant during the year. AO applied section 23(1)(a) and computed deemed rent. Tribunal held that since these units were let in earlier years and again let in subsequent years, the vacancy condition under section 23(1)(c) was satisfied. The intent of letting was established and annual value was rightly computed at Nil. (AY. 2016-17)