No Notional Rent Addition If Property Earlier Let Out but Vacant During Year

Sunil Ramnarayan Mantri Vs DCIT (ITAT Pune)⁠ The Income Tax Appellate Tribunal (ITAT), Pune Bench, has set aside additions made by the Assessing Officer (AO) towards deemed rental income under Section 23(1)(a) of the Income Tax Act, 1961, in the case of Sunil Ramnarayan Mantri vs DCIT. The Tribunal allowed the assessee’s appeals for Assessment Years (AYs) 2016-17 and 2017-18, holding that the conditions of Section 23(1)(c) were satisfied as the property had been let out earlier and was vacant during the relevant years. Background The assessee owned commercial premises at Dev Arcade Mall, A...