ITAT deletes addition for Notional Rent on Property lying vacant

Empire Infraspace India Pvt. Ltd. Vs ACIT  (ITAT Mumbai) Actually, the premises in question was on rent earlier with the HDFC Bank. Under the compelled circumstances, the tenant HDFC Bank vacated the premises because the Metro Rail Project came before the premises, therefore, the said premise was vacated by Bank. On similar circumstances, the Hon’ble ITAT has already explained the reason in which the rental value of the premises was not liable to be assessed on the percentage basis of the value of the property. Accordingly, it  is quite clear that the case of the assessee has duly been cov...