2019 (6) TMI 1218

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....properties determined by the Assessing Officer. 3. Briefly the facts are, for the assessment year under dispute assessee filed its return of income on 18.07.2012 declaring total income of Rs.. 16,46,020/-. During the assessment proceeding the Assessing Officer noticing that the income declared by the assessee comprises of income from house property, called upon the assessee to furnish the details of properties held and rental income shown from each property. After verifying the details furnished by the assessee, the Assessing Officer called upon the assessee to explain why the properties, other than one self occupied property, should not be assessed as deemed let out properties as per section 23(1) of the Act. After considering the submi....

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....he properties as determined by the municipal corporation. As regards flat no 11-B, Harbour Heights, the Ld. Learned Authorised Representative submitted, only on the basis of the fact that another flat in the same building was rented out at a higher rent, the Assessing Officer has determined the ALV at that rate. He submitted, while doing so the assessing officer did not properly appreciate the fact that in respect of flat no. 11-B the assessee had received security deposit of Rs.. 70 lac as against security deposit of Rs.. 1 lac against the other flat. In respect of flat at Jolly Market the Learned Authorised Representative submitted, this flat was also not rented out but was used as residence by assessee's daughter. Therefore, the as....

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....with regard to the determination of ALV of some properties owned by the assessee. For better appreciation we reproduce here under in a tabular form the details of the properties along with the ALV as determined by the assessee and the Departmental Authorities:-   Description ALV as per Assessing Officer (Rs. .) ALV as per Appellant (Rs. .) As per Commissioner of Income Tax (A) (Rs. .) 1. Flat no. 10-F Harbour Heights. 9,54,000 69.6060 4,77,000 2. Flat no. 11-B Harbour Heights. 12,88,536 7,33,200 12,88,536 3. Flat at Jolly Market 19,20,000 69,060 6,40,000 4. Flat at Perin Nariman Street, Fort 12,0,000 0 12,00,000 5. Row House Lonaval 2,40,000 24,00....

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....property the assessee has received security deposit of Rs. 70 lakh, in respect of the other flat it has received security deposit of Rs. 1 lakh only. In our view, the aforesaid contention of the assessee requires consideration keeping in view the ratio laid down in the decisions cited by the learned Authorised Representative. If the ALV of the property shown by the assessee is more than the ratable value fixed by the Municipal Corporation, then it has to be accepted. Otherwise, ALV has to be determined as per the ratable value fixed by the Municipal Corporation. The Assessing Officer is directed to verify the aforesaid aspect and determine the ALV accordingly. 6. As regards properties at Sr. no.3, 4 and 5 of the table, on a perusal of th....