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“annual value”

Chapter I - PreliminarySection 2 - DefinitionsSection 2(2) / Section 23 / ITR Schedule HP425 judgments

The decision most relied on for annual value is Chennai Properties & Investments Ltd. v. CIT (373 ITR 673), cited in 381 judgments on BharatTax.

Leading authorities on annual value

Chennai Properties & Investments Ltd. v. CIT
373 ITR 673 · 2015 · Supreme Court
381
citing judgments

Income from immovable property, such as unsold flats or shops, held by an assessee as stock-in-trade in their business of acquiring and holding properties is taxable as 'business income' and not 'income from house property'. Consequently, notional annual letting value under Section 23 cannot be attributed to such stock-in-trade.

CIT v. Ansal Housing Finance & Leasing Co. Ltd.
354 ITR 180 · 2013 · High Court
208
citing judgments

Annual Letting Value (ALV) of unsold stock-in-trade flats/shops held by a real estate developer can be assessed under Section 22 of the Income Tax Act, 1961, as income from house property. This approach was followed by the Assessing Officer (AO) based on this decision.

CIT v. Tip Top Typography
368 ITR 330 · 2014 · High Court
161
citing judgments

For computing income from house property, the Annual Letting Value (ALV) cannot be arbitrarily estimated by the Assessing Officer, but must be determined based on the Municipal ratable value of the property.

CIT v. Moni Kumar Subba
333 ITR 38 · 2011 · High Court
78
citing judgments

Notional interest on an interest-free security deposit cannot be considered as actual or deemed rent under Section 23(1) of the Act. For determining Annual Letting Value (ALV) under Section 23(1)(a), it must be in accordance with municipal laws, considering extraneous circumstances, but not exceeding the standard rent as per rent control legislation.

Mrs. Shiela Kaushish v. CIT
131 ITR 435 · 1981 · Supreme Court
64
citing judgments

Income-tax authorities cannot add notional interest on a tenant's deposit to the income from a house property, as there is no provision for this in Sections 22 or 23 of the Income-tax Act, 1961. The annual value of a house property is determined by specific provisions within these sections, and not by hypothetical calculations.

Radha Devi Dalmia v. CIT
125 ITR 134 · 1980 · High Court
55
citing judgments

When determining income from house property under Section 23, the Annual Letable Value (ALV) can be estimated by deeming 7% of the property's value as notional rent, particularly when actual rent or other clear basis for ALV is absent.

CIT v. Bhaskar Mitter
73 Taxmann 437 · 1994 · High Court
52
citing judgments

The annual letting value of a property can be determined at a figure lower than that returned by the assessee if the returned value is not in accordance with the principles for determining annual letting value under section 23. Assessees can contend for a value based on the correct application of law.

Commissioner of Income Tax v. J. K. Investors (Bombay) Ltd.
248 ITR 723 · 2001 · High Court
47
citing judgments

The annual value of house property under Section 23 of the Income Tax Act cannot include notional interest on interest-free security deposits received from tenants. Notional interest cannot be added to an interest-free security deposit to arrive at the annual value for income from house property.

Judgments citing annual value

Cricket Club of India P.Ltd, Mumbai vs. CIT 1, Mumbai

In the result, the appeal of the assessee is allowed

ITA 3282/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Jul 2022AY 2010-11

Bench: Us:-

Section 143(3)Section 263Section 263(1)

Club of India was in receipt of income from property owned by it - chambers in the building of the assessee let out to members, annual value of the club house and annual value of Patiala Pavillion. The above facilities were provided only to members of the association and that

Manoj Tekriwal, Mumbai vs. DCIT RG 24(2), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 4147/MUM/2015[2010-11]Status: DisposedITAT Mumbai13 Jul 2022AY 2010-11

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri G.P. MehtaFor Respondent: Shri T. Shankar, Sr. AR CIT
Section 14ASection 234ASection 250Section 40Section 54

order dated 26/03/2013 passed under section 143(3) of the Act and income from house property was computed at Rs.1,87,793, after adopting annual value of said property at 8% of capital cost. 8. In appeal, learned CIT(A) vide impugned order upheld the annual value of the aforesaid

M/S. Nicholas Piramal India Ltd, Mumbai vs. The ACIT Cur 7(1)

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 769/MUM/2008[2004-2005]Status: DisposedITAT Mumbai28 Jun 2022AY 2004-2005

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanpiramal Enterprises Ltd Vs. Acit, Circle – 7(1) (Formerly Known As Aayakar Bhavan Piramal Healthcare Ltd) Mumbai – 400020. (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013. Pan/Gir No. : Aaacn4538P Appellant .. Respondent Dcit, Circle – 7(1) Vs. Piramal Enterprises Ltd Aayakar Bhyavan (Formerly Known As Mumbai – 400 020. Piramal Healthcare Ltd) (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. Pan/Gir No. : Aaacn4538P Assessee By : Mr.Ronak Doshi & Ms.Manshi Padhiyar.Ar Revenue By : Mr.S.N.Kabra.Dr

For Appellant: Mr.Ronak Doshi &For Respondent: Mr.S.N.Kabra.DR
Section 143(3)Section 145Section 32Section 35Section 80

Appellant on the alleged ground that the Appellant is not the owner of the property and thereby denying the deduction of 30% of the annual value u/s. 24(a) of the Act. 2. He failed to appreciate and ought to have held that: the rental income is received from

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 12/MUM/2021[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

construction. The assessee was asked to provide the annual rateable value of those properties by the ld. AO in order to ascertain the annual value of the properties. The assessee contended that it is a builder and had never constructed these houses with the intention of letting them on hire ... No.2977/PUN/2017 Kumar Properties and Real Estate Private Limited charging section of Chapter IV-C, `Income from house property', which reads as under:- `The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property

Dy CIT Dd-4(2), Mumbai vs. M/S Sheth Developers P. Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 11/MUM/2021[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

construction. The assessee was asked to provide the annual rateable value of those properties by the ld. AO in order to ascertain the annual value of the properties. The assessee contended that it is a builder and had never constructed these houses with the intention of letting them on hire ... No.2977/PUN/2017 Kumar Properties and Real Estate Private Limited charging section of Chapter IV-C, `Income from house property', which reads as under:- `The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property

Sheth Developers P. Ltd., Mumbai vs. ACIT Central Ciecle-4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1954/MUM/2020[2017-18]Status: DisposedITAT Mumbai27 Jun 2022AY 2017-18
Section 143(3)Section 23(5)

construction. The assessee was asked to provide the annual rateable value of those properties by the ld. AO in order to ascertain the annual value of the properties. The assessee contended that it is a builder and had never constructed these houses with the intention of letting them on hire ... No.2977/PUN/2017 Kumar Properties and Real Estate Private Limited charging section of Chapter IV-C, `Income from house property', which reads as under:- `The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property

M/S Sheth Developers P. Ltd., Mumbai vs. Dy CIT Central Circle- 4(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1953/MUM/2020[2015-16]Status: DisposedITAT Mumbai27 Jun 2022AY 2015-16
Section 143(3)Section 23(5)

construction. The assessee was asked to provide the annual rateable value of those properties by the ld. AO in order to ascertain the annual value of the properties. The assessee contended that it is a builder and had never constructed these houses with the intention of letting them on hire ... No.2977/PUN/2017 Kumar Properties and Real Estate Private Limited charging section of Chapter IV-C, `Income from house property', which reads as under:- `The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property

Yash Vardhan Arya, Bangalore vs. The Income Tax Officer, (International Taxation) Ward-1(1), Bangalore

In the result, the appeal filed by the assessee is partly allowed

ITA 203/BANG/2022[2016-17]Status: DisposedITAT Bangalore17 Jun 2022AY 2016-17

Bench: Shri George George K

For Appellant: Smt.Suman Lunkar, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel
Section 23Section 23(1)(a)Section 271(1)(c)

pertaining to assessment years prior to 01.04.2002. Subsequent to the substitution of section 23 of the I.T.Act for the purpose of section 22, the annual value of property shall deemed to be – - the sum for which the property might reasonably be expected to let from year to year [s.23 ... reads as follows:- “6. I have considered the rival submissions as well as the relevant material on record. The Assessing Officer has assessed the annual value of the house in question by applying the deeming provisions of section 23(4) of the Act that if the house is not self

M/S. Embassy Knowledge Infrastructure Projects Private Limited, Bangalore vs. The Assistant Commissioner of Income Tax, Circle - 2(1)(2), Bangalore

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 982/BANG/2019[2014-15]Status: DisposedITAT Bangalore15 Jun 2022AY 2014-15

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.Sandeep Chalapathy, CAFor Respondent: Sri.Sanjay Kumar S.R., CIT –DR
Section 143(2)Section 24Section 3

satisfied with primary ingredient that the assessee is the owner of the said building or lands appurtenant thereto. Section 22 of the Act makes "annual value" of such a property as income chargeable to tax under this head. How annual value is to be determined is provided in section

Aveo Real Estate Holdings Pvt Ltd., Mumbai vs. ITO 2 (1)(4), Mumbai

Appeal is allowed in terms of paragraph 9

ITA 6852/MUM/2019[2013-14]Status: DisposedITAT Mumbai27 May 2022AY 2013-14
For Appellant: Shri Soumen Adak
Section 23(1)(c)

owner for self-occupation i.e., self- occupied property (i.e. SOP) because even income on account of SOP, excluding one such SOP of which annual value is to be adopted at nil, is also to be computed under this head as per clause (a) of section

Saif Ali Mansoor Ali Khan Pataudi, Mumbai vs. ACIT 16(1), Mumbai

In the result, the present appeal is allowed

ITA 7152/MUM/2019[2014-15]Status: DisposedITAT Mumbai20 May 2022AY 2014-15
For Appellant: Shri K.K. LalkakaFor Respondent: Ms. Neha Thakur
Section 143(1)Section 143(2)Section 143(3)Section 23(1)Section 23(1)(c)Section 23(4)(b)Section 250

erred in holding that the income from ITA. No. 7152/Mum/2019 Assessment Year: 2014-15 residential flat at „Hicon‟ in Bandra be assessed at annual value of Rs. 11,83,723/- although admittedly the residential flat was vacant throughout the year and consequently your appellant was entitled to benefit of vacancy ... Property amounting to INR 16,31,871/-. The Assessing Officer passed Assessment Order under Section 143(3) of the Act on 28.12.2016 wherein the annual value of the property at Hicons Residency Co-operative Housing Society Ltd. (hereinafter referred to as „the House Property‟) was computed

Pegasus Properties P. Ltd., Pune vs. Dy CIT, CC-2(3), Mumbai

In the result, appeal filed by the assessee is partly allowed

ITA 943/MUM/2021[2015-16]Status: DisposedITAT Mumbai19 May 2022AY 2015-16

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Shri Rajan VoraFor Respondent: Shri Dhramveer Singh
Section 153Section 153ASection 153CSection 22Section 23Section 23(4)

amount to flats occupied for the purpose of Appellant's business and therefore by virtue of exemption given in section 22 of the Act, annual value of such flats cannot be brought to tax under the head IFHP; 5. erred in not appreciating that, income if any, on account ... properties held as ‘stock in trade’ for a period of two years from the date of obtaining completion certificate from the competent authority, the annual value of such property would be determined as ‘Nil’. In other words, there would be no addition towards deemed rental income in respect of unsold

M/S Quality Apparel Exporters Pvt Ltd., Mumbai vs. ITO Ward 11(1)(1), Mumbai

In the result, the Ground No

ITA 2352/MUM/2019[2012-13]Status: DisposedITAT Mumbai05 May 2022AY 2012-13

Bench: Shri G.S.Pannu & Shri Pavan Kumar Gadaleita No. 2352 & 2353/Mum/2019 (A.Y: 2012-13 & 2013-14) M/S. Quality Apparel Vs. Ito -Ward -11(1)(1) Exports Pvt Ltd, Room No. 201, Unit No.4, Wicel Bldg, 2Ndfloor,Aayakar Seepz, Midc, Moral, Bhavan, M.K. Road, Andheri (E), Mumbai Mumbai – 400020 400093 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacq1711F Appellant .. Respondent Appellant By : None Respondent By : Mr.T.Shankar.Dr Date Of Hearing 20.04.2022 Date Of Pronouncement 04.05.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Are The Appeals Filed The By The Assessee Against The Separate Orders Of The Commissioner Of Income Tax (Appeals)-18, Mumbai Passed U/S 143(3) R.W.S 250 Of The Act.

For Appellant: NoneFor Respondent: Mr.T.Shankar.DR
Section 143(1)Section 143(2)Section 143(3)

facts and provisions of Sec. 23(1)(a) of the Act and computed the rental income under income from house property and annual value of the property and further allowed deduction of municipal taxes paid and deduction u/s 24(a) of the Act @ 30% of Net rent and determined ... recomputed the rental income under income from house property and applied the provisions of Sec. 23(1)(a) of the Act in respect of annual value of the property and assessed the total income after allowing the deduction of municipal taxes paid and deduction

DCIT CC 4(2), Mumbai vs. Rockfort Estate Developers Pvt Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed and the Cross objections filed by the assessee are allowed for statistical purposes

ITA 4091/MUM/2019[2014-15]Status: DisposedITAT Mumbai28 Apr 2022AY 2014-15

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadaledcit, Cc-4(2) Vs M/S Rockfort Estate Room No. 1918, 19Th Developers Pvt Ltd Floor, Air India Bldg, 1,Leela Baug, Andheri – Nariman Point, Kurla, Mumbai – 400021. Mumbai – 400051. Pan/Gir No. : Aabcr7896K Appellant .. Respondent Co No. 72/Mum/2021 (Arising Out Of Ita No. 4091/Mum/2019 A.Y 2014-15) M/S Rockfort Estate Vs Dcit, Cc-4(2) Developers Pvt Ltd Room No. 1918, 19Th 1, Leela Baug,Andheri Floor, Air India Bldg, – Kurla, Nariman Point, Mumbai – 400051. Mumbai – 400021. Pan/Gir No. : Aabcr7896K Appellant .. Respondent Assessee By : Mr.Rahul Hakani.Ar Revenue By : Mr.S.N. Kabra.Dr Date Of Hearing 28.01.2022 Date Of Pronouncement 25.04.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-52

For Appellant: Mr.Rahul Hakani.ARFor Respondent: Mr.S.N. Kabra.DR
Section 14Section 143(2)Section 143(3)Section 14ASection 22Section 23Section 36(1)(iii)Section 37(1)

provided b into the tenants/occupants. It is only for this purpose that the Act provides for deduction u/s. 24(a) of 30% of the Annual Value of the property for repairs etc. Therefore, the assessee cannot again be allowed a deduction of the cost of the furniture, fit-outs ... tenants/occupants. It is only for this purpose that the Act provides for deduction u/s. 24(a) of 30% of the Annual Value of the property for repairs etc. Therefore, the assessee cannot again be allowed a deduction of the cost of the furniture, fit-outs etc., at the time

Sopariwala Exports, Mumbai vs. Dy CIT -8(1), Mumbai

In the result, the appeal filed by the assessee in ITA N0

ITA 1271/MUM/2021[2011-12]Status: DisposedITAT Mumbai26 Apr 2022AY 2011-12
Section 139Section 143(1)Section 148Section 23Section 24Section 24(3)

charges) claimed as deduction while computing "Income from House Property" without appreciating that the society maintenance charges were allowable as a deduction while computing annual value u/s, 23(1) and hence the addition of Rs. 46,05,176/- may be deleted. 2) Without prejudice to above, the learned ... judicial pronouncement, if a particular type of expenditure is not specifically provided to be deductible, deduction, therefore, cannot be claimed from out of the annual value. Neither section 23 nor section 24 provides for the deduction of the expenses incurred towards the society maintenance charges. 9.3 I find that

Cresent Realtors P. Ltd., Mumbai vs. Dy CIT -8(1), Mumbai

In the result, the appeal filed by the assessee in ITA N0

ITA 1272/MUM/2021[2015-16]Status: DisposedITAT Mumbai25 Apr 2022AY 2015-16
Section 143(3)Section 23Section 24

No.1757/Bom/1993 Dt.6th May, 1993) it was decided and held that the society maintenance charges have to be deducted even while determining the annual value of the property under Section 23 of Income Tax Act, 1961. The appellant further humbly submits in the following cases of appellant's sister concerns ... JOINT COMMISSIONER OF INCOME TAX (2005) 93 TTJ MUM 483 Held, That the society maintenance charges have to be deducted even while determining the annual value of the property under Section 23 of Income Tax Act, 1961. 2. Ms. NAN DITA BENERJEE V ITO (ITA NO.1360/MUM/2000) Held, Housing society charges

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

ITA 3823/MUM/2019[2008-09]Status: DisposedITAT Mumbai22 Apr 2022AY 2008-09

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri O.P. Singh
Section 131(1)Section 143(3)Section 148

holding that the rateable value of the properties as determined by the Municipal Authorities is the yardstick Ignoring that section 23(1)(a) mandates annual value to be deemed as the sum for which the property might reasonably to expected to let from year to year?" 28. The brief facts

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

ITA 3822/MUM/2019[2009-10]Status: DisposedITAT Mumbai22 Apr 2022AY 2009-10

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri O.P. Singh
Section 131(1)Section 143(3)Section 148

holding that the rateable value of the properties as determined by the Municipal Authorities is the yardstick Ignoring that section 23(1)(a) mandates annual value to be deemed as the sum for which the property might reasonably to expected to let from year to year?" 28. The brief facts

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

ITA 3821/MUM/2019[2010-11]Status: DisposedITAT Mumbai22 Apr 2022AY 2010-11

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri O.P. Singh
Section 131(1)Section 143(3)Section 148

holding that the rateable value of the properties as determined by the Municipal Authorities is the yardstick Ignoring that section 23(1)(a) mandates annual value to be deemed as the sum for which the property might reasonably to expected to let from year to year?" 28. The brief facts

ACIT - 17(1), Mumbai vs. Shri Anand Jaikumar Jain, Mumbai

ITA 3820/MUM/2019[2011-12]Status: DisposedITAT Mumbai22 Apr 2022AY 2011-12

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri O.P. Singh
Section 131(1)Section 143(3)Section 148

holding that the rateable value of the properties as determined by the Municipal Authorities is the yardstick Ignoring that section 23(1)(a) mandates annual value to be deemed as the sum for which the property might reasonably to expected to let from year to year?" 28. The brief facts