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2018 (9) TMI 465 - AT - Income TaxEstimation of the annual value of the property - Addition under the head income from house property - assessment of rent - Held that - 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 2018 (8) TMI 1620 - ITAT MUMBAI has decided the matter of controversy on the basis of the decision of CIT Vs. Tip Top Typography, 2014 (8) TMI 356 - BOMBAY HIGH COURT . No distinguishable material has been produced. Since the present case is squarely covered by the decision of the ITAT in the assessee s own case mentioned above. Therefore, by honoring the said decision, we set aside the finding of the CIT(A) on this issue and restored the matter back to the file of the AO who shall re-compute the income assessable under the head income from house property in terms of the direction of the above said case.
Issues:
1. Challenge to reopening of assessment u/s 147 2. Confirmation of addition of ?3,74,023 under the head income from house property Issue 1: The assessee challenged the reopening of the assessment u/s 147 but did not press this ground during the argument. Therefore, the issue was decided in favor of the revenue as it was not pressed by the assessee. Issue 2: The assessee contested the addition of ?3,74,023 under the head income from house property, arguing it was a case of sub-letting. The Hon'ble Tribunal analyzed the matter and referred to Sec. 23 of the Act, emphasizing the need for the Assessing Officer to have concrete material before rejecting the declared value. The Tribunal found that the Assessing Officer's estimation lacked proper basis and comparison with relevant cases, leading to the decision to set aside the CIT(A)'s findings. Citing the decision in CIT Vs. Tip Top Typography, the Tribunal remanded the case back to the AO for recomputation based on the direction provided in the mentioned case. The Tribunal also referenced a similar case and applied the same reasoning, ultimately allowing the appeal and partially granting relief to the assessee. In conclusion, both appeals filed by the assessee were partly allowed, and the matter was remanded for further assessment in accordance with the directions provided by the Tribunal.
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