TaxTMI 
TaxTMI 
2018 (9) TMI 465
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.... in the circumstances of the case and in law: 1. The learned C1T(A) erred in confirming reassessment made u/s 147 when there was no escapement of income nor was there any tangible, material with AO to reopen the case for this year. 2. a| The Learned CTT(A) erred in confirming addition of Rs. 3,74,023/- under the head income from House Property when it was a case of sub-letting and not house property. b) The Learned CIT(A) erred in confirming the estimate made by the AO under the head income from house property when the only basis was a magazine report published by 1C1CI and the Inspector report which also relied on hearsay reports. c) The Learned CIT(A) erred in not considering that the rent disclose....
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....-.Feeling aggrieved, the assessee filed an appeal before the CIT(A) who confirmed the order of the AO, therefore, the assessee has filed the present appeal before us. 4. The Ld. Representative of the assessee has argued that the assessee no doubt filed the present appeal delayed for the period of 25 days but the delay is very much explained and unintentional and in this regard the facts have already been filed. The delay is liable to be condoned in the interest of justice On appraisal of the application and affidavit, we noticed that the appeal has been filed delayed on account of change of counsel and on account of appointment of the new CA as well as staff, therefore, in the said circumstances and specifically considered this fact that....
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.... of the Act prescribes the manner in which the annual value of any property is to be arrived at for the purpose of assessment under the head 'Income from House Property'. Sec. 23(1)(a) of the Act relates to the determination of annual value of a property for a sum for which the property might reasonably be let from year to year. Thus, what is envisaged in Sec. 23(1)(a) of the Act is the probable rent which the property is expected to earn. Sec. 23(1)(b) of the Act deals with a case where the property or any part of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a) to Sec. 23(1), then the amount so received or receivable shall be treated as the ann....
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....work or act on conjectures and surmises. There must be definite and positive material to indicate that the parties have suppressed the prevailing rate. Then, the enquiries that the Assessing Officer can make, would be for ascertaining the going rate. He can make a comparative study and make a analysis. In that regard, transactions of identical or similar nature can be ascertained by obtaining the requisite details. However, there also the Assessing Officer must safeguard against adopting the rate stated therein straightway. He must find out as to whether the property which has been let out or given on leave and license basis is of a similar nature, namely, commercial or residential. He should also satisfy himself as to whether the rate obta....
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....xy Aviation, the same is incomparable with assessee's arrangement because of the timing difference. The arrangement of Galaxy Aviation is of the year 2012 whereas assessee's arrangement is of 2007. Even with regard to the rental arrangement of Bank of India, there are no details brought out by the Assessing Officer to show as to how the same are comparable to the assessee's arrangement. Therefore, on this ground also, the estimation made by the Assessing Officer cannot be straightaway accepted." 7. The facts of the above mentioned case is quite identical to the facts of the present case, the actual rent is not above the rent of municipal valuation. There is no reason to deny the rent assessed by assessee. The Hon'ble ITAT has decided the....