Computation of Annual Value u/s 23 of the Income Tax Act

Last updated: 27 November 2021

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This judgement from the High Court of Karnataka concerns the computation of annual value for rental properties under Section 23 of the Income Tax Act. It clarifies the rules and principles applied by tax authorities when determining the taxable income from properties. The case involves M/s Sobha Interiors (P) Ltd and the Income Tax Department.

Court :
High Court of Karnataka

Brief :
Whether the tribunal is justified holding that the annual value to be adapted?

Citation :
ITA 166/2017

N THE HIGH COURT OF KARNATAKA AT BENG ALURU DATED THIS THE 5TH DAY OF OCTOBER, 2021 PRESENT THE HON'BLE MRS.JUSTICE S.SUJATHA AND THE HON'BLE MR. JUSTICE RAVI V. HOSMANI
I.T.A.No.16412017 CLw. I.T.A.No.166/2017
IN ITA NO.164/2017:
BETWEEN M/S SOBHA INTERIORS (P) LTD E-106, SUNRISE CHAMBEPS, 322, ULSOOR ROAD, BANGALORE - 560 022. PAN: AAF,CS62751560022.
APPELLANT
(BY SRI ANNAMALAI, ADV. FOR SRI M.LAVA, ADV.)
AND: 1. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE - 12(3) PRESENTLY CIRCLE- 6(1)(2) BMTC BUILDING, 80 FEET ROAD, KORAMANAGALA BANGALORE - 560 095.
2. THE INCOME TAX OFFICER WARD - 12(2) PRESENTLY WARD - 6(1)(1) BMTC BUILDING, 80 FEET ROAD, KORAMANGALA, BANGALORE - 560 095.
RESPONDENTS
(BY SRI M.DILIP, ADV. FOR SRI K.V.ARAVIND, ADV.)

Please find attached the enclosed file for the full judgement.

FAQ :

The judgement primarily deals with the computation of the annual value of property for income tax purposes, as stipulated in Section 23 of the Income Tax Act.

The judgement was issued by the High Court of Karnataka at Bengaluru.

The parties involved are M/s Sobha Interiors (P) Ltd as the appellant and the Deputy Commissioner of Income Tax and the Income Tax Officer as the respondents.

The judgement specifically refers to Section 23 of the Income Tax Act, which pertains to the computation of annual value of property.

Attached File : 1442821_4649_ita164_17_05_10_2021.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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