TaxTMI 
TaxTMI 
2012 (4) TMI 727
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....the assessee challenging the respective impugned orders of the Ld. CIT (A)-41, Mumbai for the A.Ys. 2005-06 & 2006-07. 2. The first common issue in both the appeals is the determination of the Annual Letting Value of the properties u/s.23 of the Act. 3. So far as A.Y. 2005-06 is concerned, the A.O. has observed that the assessee has two residential flats in Grant Field Jogeshwari. Both the flats....
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.... has given the said flat on Leave & License basis for a sum of Rs. 11,500/- per month in the earlier year. The A.O. estimated the ALV of the said flat for the four months i.e. @ Rs. 46,000/- from April to July 2004 (by adopting Rs. 11,500/-) by considering the actual rent received by the assessee. The A.O. allowed the deduction at 30% u/s.24. 5. In the A.Y. 2006-07 the only issue is in respect of....
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....r the applicable Rent Control Act should be considered. If the local authority for the purpose of the house tax has determined the value then that should be adopted. It is pertinent to note here that in the case of Shiela Kaushik (supra) the Hon'ble Supreme Court has considered the amended sec.23 of the Act. I, therefore, hold that the A.O. was not justified in estimating the ALV of those flats in....
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....directions in respect of ground no.2 and if the actual rent received by the assessee is higher as u/s.23(1)(b) then the same should be adopted. In our opinion, law is clear if the actual rent received by the assessee is more than the ALV determined u/s.23(1)(a) and in view of clause (b) to sec.23(1) actual rent received is to be adopted. In the present case, actual rent received by the assessee is....