Allowing the appeal of the assessee the Tribunal held that ,provisions of S 23(1)(a) could not be applied in assessee’s property due to peculiar reason that completion was completed only in month of Feb, 2013 and it was not possible to let out property just after its completion, i.e., only after one month. ( AY. 2013-14)
Raj Landmark (P.) Ltd. v. ITO (2018) 172 ITD 339 (Jaipur) (Trib.)
S. 23 : Income from house property-Annual value–Stock in trade-Construction completed, Feb 2013-Income cannot be estimated on ground that said property remained unsold and vacant at end of financial year, since there was no possibility to let out property just after its completion. [S. 23(1)(a)]