S. 23 : Income from house property-Annual value–Arrears of rent – Arrears of rent accruing in a prior years, not received in those years, could not be assessed in a subsequent year when same were received as income from house property-Arrears of rent attributable to preceding years cannot be brought to tax under the head income from other sources-Provision of section 25B inserted by Finance Act, 2000 with effect from 1-4-2001 would apply prospectively. [S. 22, 25B, 56]
CIT v. Punalur Paper Mills Ltd. (2020) 268 Taxman 47 (Ker.) (HC)