2016 (11) TMI 455

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....unal 'A' Bench, Chennai, in ITA No.139/Mds/2016, 140/Mds/2016, 141/Mds/2016, 142/Mds/2016 dated 22.04.2016, for Assessment years 2002-03, 2004-05, 2005-06 and 2006-07. 2. Since common issue arises for consideration in all these Appeals arising out of the common order passed by the Tribunal, conveniently, they can be dealt with by a common judgment. 3. The Assessee has let out a house property to one of its subsidiary companies on a monthly rent of Rs. 7500/-. Initially the Assessing Officer has estimated its annual rental value at Rs. 1,90,240/-. The matter was carried in appeal and the Commissioner of Income Tax (Appeals) allowed the appeal and remanded the matter back for consideration afresh. Thereafter, the matter once again w....

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....rs period. The Tribunal has given liberty to the Assessing Officer to refer the matter to the Valuation Officer to ascertain the rent of the building after applying the provisions of Tamil Nadu Buildings (Lease and Rent Control) Act, 1960. 5. Heard Mr.V.S.Jayakumar, learned counsel for the Appellant and Mr.T.R.Senthilkumar, learned Standing Counsel accepts notice on behalf of the Income Tax Department. 6. The undisputed fact is that an independent house with a built up area of 2584 sq. ft. in the ground floor and 1564 sq. ft. in the first floor situate on the land of 4 grounds and 210 sq. ft. was purchased by the Assessee and this property is situate at Crescent Street, Arch Bishop Mathias Avenue, Raja Annamalaipuram, in the city of Chenn....