Deemed rent u/s. 23(1)(a) not invocable as property leased out for continuous long period

A.S. Raja Sons Enterprises (P.) Ltd Vs ACIT (ITAT Visakhapatnam) ITAT Vishakhapatnam held that invocation of deemed rent under section 23(1)(a) of the Income Tax Act unjustified since property of the assessee is leased out for a continuous long period for the occupation of tenants. Facts- The assessee is engaged in the business of letting out buildings both residential and non-residential. The case of the assessee was selected for scrutiny and accordingly statutory notices u/s. 143(2) and 142(1) of the Act. AO observed that assessee has entered into a lease agreement with three parties to rent...