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TMI Blog2012 (5) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal authorities are available with the assessee. It was in this backdrop that the Assessing Officer, inter alia, came to the conclusion that the assessee has not been able to give/submit the municipal ratable and substantiate the basis of the computation of ALV and also current capital value - Held that: assessee has furnished the certificates given by the Brihanmumbai Mahanagarpalika showing the rateable value of the flats and these certificates were enclosed to the return of income. The calculation of the assessee was based on these certificates. In the light of these certificates the Assessing Officer was not justified in redetermining the annual letting value of the flats on the basis of the Times of India property chart - Appeal is allowed Whether CIT(A)'s upholding the action of the AO in disallowing expenses of Rs.1,27,786 for A.Y. 2004- 05 and Rs.2,43,375 for A.Y. 2005-06 incurred on management fees on the alleged ground that these fees are for the purpose of holding assets in Fiduciary Trust of International Account is correct - It was also stated that the copy of the mandate of account opening from FTI account shows that the bank at its discretion may change the natu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fairly agree that the issue is covered against the assessee in assessee's own case for the assessment years 1999-2000 to 2002-03, and so far as this Tribunal is concerned, the matter is to be decided against the assessee. Learned counsel for the assessee, however, relies upon assessee's strand before the authorities below and submitted that he would like to keep the matter alive before the Hon'ble Court above. In this view of the matter, and having regard to the fact that admittedly the issue is covered against the assessee by decision of the coordinate bench, we dismiss the ground taken by the assessee in both the assessment years. 5. Ground No.1 in both the assessment years is thus dismissed. 6. In Ground No.2 in both the appeals, the assessee is aggrieved the CIT(A)'s upholding the action of the AO in calculating Annual Ratable Values (ALV) of three house properties for the purpose of computing "income from house property" on estimated basis. 7. The brief facts are that the assessee owned six flats, as under: Sr.No. Description Carpet area (Sq.ft) No of rooms Date of purchase Whether given on hire 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emsudha Exports Pvt. Ltd. vs. ACIT in ITA Nos: 6277 and 6278/Mum/2006. The assessee contended that provisions of section 23(1)(c) would apply in assessee's case. In view of this, the assessee prayed that the estimation of the AO be deleted and the annual value taken by the assessee be continued to be accepted. The CIT(A) accepted the stand of the Assessing officer on the ground that the assessee has not provided any basis for the computation of annual letting value and there is no information regarding the municipal ratable value nor the details of the capital value. The CIT(A) observed that in assessee's case there is no indication that the assessee had intended to let out the properties or that he had made efforts to let it out. Therefore, provisions of section 23(1)(a) would apply and not provisions of section 23(1)(c). Aggrieved, the assessee is in appeal before us. 10. We have heard the rival contentions, perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 11. Even as learned Departmental Representative vehemently relied upon the orders of the authorities below, learned representatives fairly agree that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the income tax authorities were not justified in recalculating the annual letting value of the Capri and Kodinar flats owned by the assessee, and which were vacant during the entire previous year. It has been held by the Tribunal in one of the orders cited above that the Municipal Corporation also fixes the annual value on the basis of the cost of construction of the building. The assessee has furnished the certificates given by the Brihanmumbai Mahanagarpalika showing the rateable value of the flats and these certificates were enclosed to the return of income. The calculation of the assessee was based on these certificates. In the light of these certificates the Assessing Officer was not justified in redetermining the annual letting value of the flats on the basis of the Times of India property chart. We accordingly uphold the assessee's contentions and direct the Assessing Officer to accept the income returned by the assessee in respect of Capri and Kodinar. The ground is allowed. 12. The matter is accordingly restored to the file of the Assessing Officer for fresh adjudication in the light of the above observations. While doing so, the Assessing Officer will decide the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e see no reasons to interfere in the matter as the learned CIT(A) has only followed Tribunal's order dated 28th March 2008 for 1999-2000, 2000-01 and 01- 02, and learned counsel for the assessee could not point out any infirmity in this action. 17. Ground No 3 for both the assessment years is, therefore, dismissed. 18. Ground No.4 in both the appeals relates to imposition of interest under section 234A/2434B and 234C. As far as interest levy under section 234 A and 234 C is concerned, the assessee only seeks consequential relief. This is clearly admissible and learned Departmental Representative did not seriously oppose the same, We accordingly direct the Assessing Officer to grant the consequential relief in respect of interest under section 234 A and 234 C. Coming to levy of interest under section 234 B, learned counsel points out that this levy is covered, in favour of the assessee, by coordinate bench's order dated 19th November 2010, for the assessment year 2002-03, and for the assessment years 1999-2000, 2000-01 and 01-02, vide rectification petition. Order dated 23rd December 2008. We see no reasons to take any other view of the matter than the view so taken by the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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