2014 (12) TMI 1304

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....an appeal filed by the assessee against the order of CIT(A), dated 4-5-2012 for the Assessment Year 2009-2010, in the matter of order passed u/s.143(3) of the I.T. Act, wherein following grounds have been taken by assessee :- "1.1 The learned Commissioner of Income-tax (Appeals)-21, Mumbai["the ld.CIT(A)"] erred in confirming the action of the Asst. Commissioner of Income tax-10(2), Mumba....

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....s actual purchase price was Rs. 31,87,500 /- (nearly three times of the stamp duty valuation). The A.O. asked assessee as to why income from II SOP u/s.23(4) was not offered for taxation. The assessee explained to the A.O. that where a person has two or more than two houses the annual value u/s.23(2) shall be taken to be Nil only in respect of anyone house of his choice and the annual value of the....

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.... value. The assessee worked out municipal valuation and notional taxable income in respect of 2nd property at Rs. 11,144/-. The AO held that standard rate of municipal valuation was not applicable while determining annual value u/s.23(1)(a). Accordingly, the assessed the letting value u/s.23(1)(a) at Rs. 3 lakhs per annum. 3. By the impugned order, the CIT(A) confirmed the action of the AO. ....