Case Law Details
Krishna N Bhojwani, Vs. ACIT (ITAT Mumbai)
While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value under section 23(1)(b). Hence, disallowance made by AO was not justified.
FULL TEXT OF ITAT ORDER IS AS FOLLOWS:
The captioned are cross-appeals by the assessee and Revenue pertaining to assessment year 2007-08. The appeals are directed against the order of the CIT(A)-30, Mumbai, dated 5.12.2011 which in turn has arisen from an order passed by the Assessing Officer dated 27.10.2009 under section 143(3) of the Income Tax Act, 1961(in short ’the Act).
2. The issue raised by the assessee in grounds of appeal no.1 is against the order of ld.CIT(A) in not allowing the maintenance charges paid in respect of let out properties bearing flat at 15thfloor in Steesha Apartment amounting to Rs.85,726/- and in respect of flat at Bhojwani Enclave 1,42,144/- while computing the income from house property.
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