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Tax on rental income of vacant flat was limited to Municipal Value
Case Law Details
- Case Name
- Ravi K Sheth Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Ravi K Sheth Vs DCIT (ITAT Mumbai)
Conclusion: Where the property was not actually let out, and was treated as self-occupied property, in case of vacant property, the annual value under section 23(1)(a) must be determined on the basis of the Municipal Rateable Value and not market rent.
Held: Assessee owned two flats — Flat No. 12B and Flat No. 14B — in the building “Manek,” Mumbai. Flat No. 12B, self-occupied for over 20 years, was gifted to his son on 30.01.2017. During scrutiny assessment, AO noted that assessee had not offered deemed rental income for Flat No. 12B for the period 01...
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