2013 (8) TMI 895

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....akash K. Jotwani ORDER Per R.S.Syal (AM) : These two appeals by the Revenue relate to the assessment years 2008-2009 and 2009-2010. Since both the appeals are based on identical facts and common grounds of appeal, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. The assessee disclosed income from house property at Rs. 63,000 i....

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....e was more than Municipal value, he deleted the instant addition. The Revenue is in appeal against the deletion of addition. 3. After considering the rival submissions and perusing the relevant material on record, it is noticed that similar issue came up before the Tribunal in the case of Estate of Late Sadajiwatlal Chandulal (Indl.) v. ITO. Vide order dated 09.04.2013 in ITA No.1568/Mum/2012, ....

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....verting to the facts of the instant case, it is observed that the assessee received actual rent at Rs. 96,000 per annum as against municipal value of Rs. 14,484. The amount of actual rent is obviously higher than the municipal value and resultantly the former needs to be considered for this purpose. 4. The reliance of the learned Departmental Representative on the judgment of the Hon'ble Delhi ....

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....g monthly rent of Rs. 3,17,000, who let out his property at a monthly rent of Rs. 3 lakh only by way of agreement of leave and licence on 11th May, 2007. Prior to that the property was let out by him on 25.02.2004 on a monthly rent of Rs. 10,000. A copy of both the agreements dated 25.02.2004 and 11.05.2007 have been placed on record. It is on the basis of this rent monthly of Rs. 10,000 that he f....