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“deemed to be let out”

Income HeadsSection 23Section 2321 judgments

The decision most relied on for deemed to be let out is CIT v. Moni Kumar Subba (333 ITR 38), cited in 78 judgments on BharatTax.

Leading authorities on deemed to be let out

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.

CIT v. Ansal Housing and Construction
389 ITR 373 · 2016 · High Court
37
citing judgments

Income from unsold flats in the closing stock of a real estate developer is taxable under the head 'Income from house property' based on their annual letting value, even if the developer is engaged in business.

(i) Shakuntala Devi v. DDIT, 31 CCH 32 (Bang.) (ii) Kamal Mishra vs. ITO
19 SOT 251 · 2008 · ITAT
16
citing judgments

The annual letting value of a property can be deemed NIL under Section 23(1)(c) of the Income Tax Act when it is self-occupied with the intent of letting.

Bipin Vadilal Family Trust v. CIT
208 ITR 1005 · 1994 · High Court
12
citing judgments

Unsold properties can be assessed for deemed rental income under Section 23(1)(a) based on a reasonable letting value, often calculated as a percentage of the property's cost or value.

Judgments citing deemed to be let out

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)

assessee has deliberately not let out during the year under consideration, it cannot be presumed. Therefore pre-letting out period cannot be deemed to be let out the property. In any case, if the provisions of section 23(1)(c) of the Act are to be understood that the vacancy