2018 (12) TMI 1681

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.... 27.02.2017. The Assessment was framed by the Asst. Commissioner of Income Tax, CC-6(4), Mumbai (in short 'ACIT/ ITO/ AO') for the A.Y. 2012-13 vide order dated 30.03.2015 under section 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only common issue in these appeals of Revenue and assessee is as regards to the order of CIT(A) assessing the annual lettable value of the premises owned by the assessee at Central Garden Complex Chunabhatti, Mumbai at Rs. 12,49,821/- instead of Rs. 9,46,831/- offered by the assessee at, being, municipal rateable value of the said premises. For this assessee and Revenue raised the following grounds: - "Assessee 1. In the facts and circumstances of the case and in law, the....

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..../s 23(1)(a) of the I T Act, 1961?". 3. At the outset, the learned Counsel for the assessee stated that the Tribunal in assessee's own case in ITA Nos. 2707, 2708 & 2709/Mum/2013 for AY 2006-07 to 2009-10 vide order dated 17.04.2015 has already considered the issue and directed the AO to adopt the ALV computed as per Municipal rateable value as deemed income from house property. The Tribunal vide Paras No. 11, 12 and 13 held as under: - "11. Ground Nos.2, 3 & 4 are relating to the estimation of Annual Letting Value (ALV) of the vacant flats at Central Garden Complex. The assessee has claimed that the value of the same be taken as Rs.Nil. Whereas the Ld. CIT(A) has confirmed the action of the AO in assessing the ALV of the said fl....

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.... valued under rule 1BB of the Wealth-tax Rules and municipal ratable value is arrived at under the municipal law is the same i.e. "a reasonable amount of rent that can be expected by the owner from a hypothetical tenant". That while arriving at such reasonable amount of rent that can be expected by the owner from a hypothetical tenant, the amount of statutory deduction, if any, permissible under the local municipal law must be added to the ratable value. Thus, the Hon'ble High Court held that while applying the provisions of rule 1BB for valuing the self-occupied property, municipal rateable value with addition of statutory deductions, if any, may be adopted instead of standard rent, for arriving at the gross maintainable rent. Respectf....