2017 (12) TMI 519

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....he assessee is engaged in the business of construction of residential-cum-commercial complex under the proprietary concern, M/s. Shri Ganesh Builders. The assessee's building project consists of residential as well as commercial units. The said project is situated at Plot No, 2, 3 & 4, Sector-1, Khanda Colony, New Panvel (W), District Thane. The AO noted that during the course of assessment that the assessee had closing stock of 13 flats and 8 shops and one hall. The AO therefore took the view that the assessee is the owner of two or more house properties and accordingly applied the provisions of Section 23(4) and estimated the annual letting value of these flats at Rs. 16,80,000/- and computed the income under the head "Income from House P....

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.... same issue decided the question in favour of Revenue. We noted that the decision of the Hon'ble High Court has been considered by the "C" Bench of this Tribunal in ITA No. 4277/ Mum/2012 in the case of M/s. C.R. Developments Pvt. Ltd. (supra) and ultimately decided the issue in favour of the assessee on the basis of the decision given by the Hon'ble Supreme Court in the case of M/s. Chennai Properties & Investments Ltd. vs. CIT 42 SCD 651 by holding as under: - "5. We have considered rival contentions and perused the record. The issue under consideration has been restored by the CIT(A) to the file of AO to compute the annual value. Recently the Hon'ble Supreme Court in the case of M/s Chennai Properties & Investments Ltd. Vs. CIT....