Case Law Details
1. Facts are not in dispute that the assessee has disclosed rental income but claimed deduction of unrealized rent under section 23(1) read with rule 4 of the Rules. I find that the Unrealized rent is deduction which is claimed u/s 23(1) of the Act, read with Rule 4 of the Rules, from the total rental income offered during the year. The unrealized rent is not an exempt income. As the total rental income (including unrealized rent) is duly offered to tax under the head ‘Income from House Property‘, corresponding TDS credit needs to be allowed. There similar instances, where although the deduction is allowed with respect to total income offered during the year, still the claim of TDS with respect to such deduction claim is duly allowable under the Act i.e. TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the same is claimed as deduction from Rental Income u/s 23(1) of the Act r.w. Rule 4 of the rules. I also find that that the TDS amount, which corresponds to claim of unrealized rent is duly offered to tax the entire Amount of TDS (of Rs. 5,86,412/-, including TDS on rent) as Rental income for the year by the assessee u/s 198 of the Act which reads as under: –
“Section 198. All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received.”
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