When property is vacant, rent is to be calculated under section 23(1)(a)

Arihant Patni Vs ITO (ITAT Pune) The assessee’s rent for the property which remained vacant for the entire year shall be calculated as per provisions of Section 23(1)(a) of the Income Tax Act. Section 23(1)(c) will not be applicable in such case. Facts- The building, known as Bodhi Towers, belongs to Blackpool Realty Pvt. Ltd. in which the assessee are shareholder, and under the AOA of the Company, each shareholder has right to certain floors of the building and thus the assessee is ‘owner’ u/s 27(iii) of the Act and there is no dispute as to this fact. Building was completed in July...