2016 (1) TMI 1365

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....INGH, JM: This is an appeal against the order passed by the Commissioner of Income Tax (Appeals)-24, Mumbai [hereinafter referred to as the "CIT(A)"] dated 02.07.2013 relevant to the A.Y. 2009-10. 2. The assessee has filed the return of income on 29.03.2010 declaring total income of Rs. 6,70,080/-. The return of income was processed u/s. 143(1) of the Income Tax Act, 1961(in short "the Act")....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Value. 3. The learned CIT(A) ought to have held that the property of the assessee is subject to 'Rent Control Act' and hence fair market value cannot be considered as notional rent for determining deemed income from self occupied house property in case of assessee.  4. The learned CIT(A) ought to have considered the fact that the property was self occupied and no actual re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rtue of agreement dated 11.11.2008 and also took the possession of the property in December 2008. He holds the flat for four months and this year of the assessee's share in the said flat as stated to be 79%. The Assessing Officer considered the rate of rent which was prevailing in the area. The Assessing Officer assessed the rent of Rs. 77,900/- per month (which is Rs. 79/- per sq.ft. per month fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome from the said house property on the basis of actual rates prevailing in the area @ Rs. 79/- per sq.ft. and assessed the income of the assessee in accordance with the shares of the assessee @ 79% per month. In the instant case the flat was not given on rent to anyone therefore in the said circumstances what should be parameter to assess the income of the assessee is required to be decided asses....