TaxTMI 
TaxTMI 
2010 (10) TMI 679
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....pellant's 1/3rd share in the property at 12, Aurangzeb Lane, New Delhi on the basis of land and cost of construction in terms of section 6(1) and 7 of the Delhi Rent Control Act, 1958 i.e. standard rent and adopt the said standard rent to be the annual value of the property. 3. We have heard both the counsel and perused the records. Both the counsels fairly agreed that this issue had come before the tribunal wherein the tribunal had set aside the order and directed the Assessing Officer to determine the annual letting value of the property with reference to rateable value as determined by Municipal Corporation. The value determined by the NDMC was stated to be under dispute. The Assessing Officer was directed to substitute the fig....
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....rt on production of the copy of judgment to this effect." In the case of the assessee for the assessment year 1994-95 ITA No.4802/Del/2003 "SMC" Delhi Bench followed the aforementioned directions dated 29.12.2007, set aside order of Ld. Commissioner of Income Tax (Appeals) and restore the matter to the file of the Assessing Officer for determining ALV in accordance with directions given above. It is to be noted that tenancy in the name of above stated persons was not accepted as genuine and it was directed that ALV be determined as if property was under self-occupation. Mrs. Bansal appearing on behalf of the assessee, submitted that Writ Pettion of co-owenrs of the assessee has been accepted by Hon'ble Delhi High Court a....
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....Tax (Appeals) erred in confirming the disallowance of the claim of deduction of the rent paid by the appellant amounting to Rs.2,57,543/- to LIC of India in respect of office at Jeevan Tara Building, 5, Parliament Street, New Delhi against the amount of lease rental income of Rs.1,44,000/- received by it from sub-letting of the said office space to sub-tenants. The same is liable to be allowed as deduction as per the provisions of section 57(iii) of Income Tax Act, 1961. 5. On this issue Assessing Officer noted that at one hand assessee has received lease rent from 5, Jeevan Tara Building, Parliament Street, New Delhi, at Rs.1,44,000/-, but at the other hand rent paid of Rs.2,57,543/- has been debited in the profit and loss accoun....
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....imated at Rs.6,00,000/-. However, he allowed the standard deduction u/s 24(a) of the IT Act. 6. Upon assessee's appeal Ld. Commissioner of Income Tax (Appeals) considered the issue as under:- "I have considered the facts of the case. The submission of the appellant has also been gone through very carefully. On going through the submission of the appellant and perusal of the agreement it is very clearly established that the appellant is not the owner of the said premises. Therefore, any amount received as lease rental as per informal arrangement cannot be assessed as under the head "Income from house property". It is also fact that the appellant has given this premises to its sister concern only. The Assessing Officer him....
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....o no such evidences were produced nor any efforts were made to establish that expenses so claimed against lease income are laid out wholly and exclusively for the purpose of earning of this income. It is therefore, held that no expenses can be allowed against such income. Thus the Assessing Officer is directed to tax Rs.1,44,000/- being lease rental received by the appellant separately as "income from other sources" as against Rs.4,20,000/- assessed by him under the head 'income from house property'. Thus appellant gets relief of Rs.2,76,000/- on these grounds." 7. Against this order the assessee is in appeal before us. 8. We have heard both the counsels and perused the records. We find that Ld. Commissioner of....