CLASSIC MALL DEVELOPMENT COMPANY LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 6(2)(1), MUMBAI

ITA 5320/MUM/2024Status: DisposedITAT Mumbai21 March 2025AY 2016-17Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that for properties vacant for the whole year, the annual value should be determined under Section 23(1)(c) of the Income-tax Act, resulting in an annual value of 'Nil'. Therefore, the addition made by the Assessing Officer was deleted.

What were the facts?

The assessee, engaged in mall development, had eight vacant units in its commercial mall during the assessment year 2016-17. The Assessing Officer treated these vacant units as deemed rent under Section 23(1)(a) and made an addition to the total income.

What were the issues?

Whether vacant units in a commercial mall for the entire year are to be taxed under Section 23(1)(a) or eligible for vacancy allowance under Section 23(1)(c).

Which sections of the Income-tax Act were involved?

Section 23(1)(a),Section 23(1)(c)

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Income Tax Appellate Tribunal, “C” BENCH MUMBAI

Before: SHRI AMIT SHUKLA & SHRI GIRISH AGRAWAL

Hearing: 24.12.2024Pronounced: 21.03.2025

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the order of Ld. CIT(A), Mysore, vide order No. ITBA/APL/S/250/2024-25/1067612303(1), dated 13.08.2024, passed against the assessment order by Asst. Commissioner of Income-tax, Circle-6(2)(1), Mumbai, u/s. 143(3) of the Income-tax Act (hereinafter referred to as the “Act”), dated 24.12.2018 for Assessment Year 2016-17. 2 Classic Mall Development Company Limited, AY 2016-17

2.

The sole issue involved in the present appeal is in respect of addition of Rs.56,26,656/- under the head “income f

The order continues below.

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