TaxTMI 
TaxTMI 
2021 (8) TMI 1038
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....nder:- 2. The solitary common issue raised in these two appeals is regarding addition made by the Assessing Officer under the head income from house property. At the time of hearing, learned AR of the assessee has pointed out that an identical issue has been considered and decided by this Tribunal in the other co-owner's case namely Sh. Krishna Chandra Kesarwani vs. JCIT in ITA No. 151/Alld/2019, vide order dated 16.03.2021. He has also filed a copy of the order of this Tribunal dated 16.03.2021 and submitted that the issue may be remanded to the record of the Assessing Officer for determination for Annual Letting Value (ALV) with same directions. 3. The learned DR has not disputed the fact that the issue of Annual Letting Value is co....
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.... (a), the amount so received or receivable; or (c) ............. .................. The ALV of any building is based on what rent it might get not the rent received. The building in question is situated on Lowther Road in Darbhanga Castel area and is having area of 1600 sq. yard. The comparable building which is also situated in the Darbhanga Castel area on Panna Lal Road at a distance of 100 yards inside the road and is occupied by Debt Recovery Tribunal (DRT). The DRT is paying rent @ Rs. 8.78/- per sq. ft. Considering all aspect of the case the fair rent of the building in question occupied by Kesarwani Hospital & Research Institute P. Ltd is computed at the rate of the rent paid by DRT. The assessee could not furnish the conveyance deed....
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....r has taken the ALV as the rate of rent in respect of a building situated in the area, however, the Assessing Officer has not given the assessee a fair opportunity to raise the objection against adopting the said rate of rent as fair market rental value of the property in question while determining the ALV of the property. There is not dispute that in case the Assessing Officer finds that the rental income shown by the assessee is not in the parity of the reasonable expected sum for letting out of the property in terms of section 23(1) of the Income Tax Act. The Assessing Officer can proceed to determine the annual letting value. The Annual letting value of the property is the sum which is reasonably expected to be fetched by letting out fo....