Intention of letting out property is to be seen for section 23(1)(c)

Brief- ITAT Mumbai held in case of ACIT vs. Suryashankar Properties Limited that Intention of letting out the property is to be seen for invoking clause (c) of section 23(1) for computing the annual letting value of the property and it is irrelevant whether the property is/was let out. Brief Facts of the Assessee: The Assessee Company is formed with the object of acquiring immovable property (“the property”) to be let out but the property was not let out during the financial year under consideration. The Assessee Company had claimed certain expenditure including interest which was laid out...