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TMI Blog2012 (9) TMI 794X X X X Extracts X X X X X X X X Extracts X X X X ..... question of determining the notional income and no question of taxing the same under the head 'income from house property. ii) The CIT(A) erred in upholding the computation of long term capital loss of Rs.. 7,47,290/- done by the Assessing Officer as against the computation of long term capital loss of Rs. 16,66,173/- done by the appellant." 3 There is a delay of 496 days in filing the present appeal. The assessee has filed an application for condonation of delay as well as affidavit of assessee and his Chartered Accountant Mr Sunil Hirawat explaining the reasons for delay in filing the present appeal. 4 We have heard the learned A.R of the assessee as well as the learned DR and considered the relevant material on record for condonatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... show that there is a gross negligence on the part of the assessee for not filing the appeal within the period of limitation. He has further submitted that the assessee has not explained a sufficient cause to explain the delay in filing the appeal. The reasons explained by the assessee are vague and not sufficient; therefore, the assessee is not entitled for condonation of delay. 5 After considering the rival submissions and carefully gone through the affidavit filed by the assessee as well as the affidavit of Shri Sunil Hirawat, CA of the assessee, we note that the facts of the case do not suggest that the assessee has acted in a malafide manner or the reasons explained is only a device to cover an ulterior purpose. It is settled propositi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the flat at Kandhivali may be taken as self occupied property and notional income from three soaps may be taken at Rs.. 12, 000/-each. The Assessing Officer was of the view that the value of Rs. 12,000/- each for the shop is very low and accordingly, the Assessing Officer estimated the ALV at Rs. 16,000/-per shop. Accordingly, the Assessing Officer computed the income from house property in respect of three shops at Rs. 32, 200/-. The assessee challenged the action of the Assessing Officer before CIT(A) , who has confirmed the addition made by the Assessing Officer. 7 Before us, the learned A.R of the assessee has submitted that these shops were never let out by the assessee and remained vacant. She has further submitted that even othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consider all the relevant factors including the standard rent, if any as determined under the provisions of Rent Control Act or Municipal Rateable Value of the property for computing the Annual Letting Value. 8.2 Since the Assessing Officer has not carried out such an exercise; therefore, in the interest of Justice, we set aside this issue to the record of the Assessing Officer for deciding this issue after considering all the relevant factors including the standard rent or Municipal Rateable Value and then determine the fair rent expected to be fetched by this property. 9. Ground number 2 is regarding computation of long term capital loss at Rs.. 7,47, 290/- against the claim of the assessee at Rs. 16, 66,173/-. 10. We have heard the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lance sheet for the relevant assessment years. 11 After considering the rival submissions, we note that the CIT(A) for the assessment year 2006-07 has considered and decided this issue in para 6 as under.: "6. My attention has also been drawn, in the course of appellate proceedings, that the expenditure incurred from time to time have been capitalised over the years, spread almost 25 years, and, in the balance sheet the entire expenditure so incurred has been capitalised year after year to the cost of the property. In the last balance sheet, the cost is consequently shown to be the enhanced value rejected by assessing officer for indexation Today, when the property has been sold, assessing officer has -no jurisdiction to disturb that cap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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