ITAT Ahmedabad Deletes Deemed Rent on 5 Flats: Accepts Genuine Vacancy Claim but Upholds Addition on Office Property

Mohit Vijaykumar Gupta Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad Deletes Deemed Rent on 5 Flats – Accepts Genuine Vacancy Claim but Upholds Addition on Office Property Assessee, an individual, filed a return declaring income of ₹10.60 crore. The case was selected for scrutiny due to large capital gain deductions claimed u/s 54, 54B, 54EC, 54EE, 54F, 54G, 54GA, & 54GB. AO assessed income at ₹11.02 crore after making three additions – (i) ₹21.03 lakh under long-term capital gains, (ii) ₹7.43 lakh as deemed rent on five vacant flats in Mumbai, & (iii) ₹13.86 lakh as deemed...