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TMI Blog2013 (5) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... rities. Also CIT(A) has directed the AO to re-work out the ALV by obtaining data from three websites of internet and then adjusting it with a suitable cost inflation index. This direction was even after considering that the actual rent received by the assessee was higher than the Municipal ratable value representing the fair rent value. In our considered opinion, this direction for determining the ALV has no legal legs to stand out. As such, we cannot approve such direction which has no sanction of law. - ITA No.1568/Mum/2012 - - - Dated:- 9-4-2013 - Shri R. S. Syal, AM And Shri Sanjay Garg, JM,JJ. For the Appellant : Shri Prakash Jotwani For the Respondent : Shri Rajarshi Dwivedy ORDER Per R. S. Syal (AM) :- This a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it taken from the lessee may be one of the criteria for estimating fair rental value, but better course would have been to get an opinion of an expert or a professional to find out what fair rent the property would have fetched if let out in the open market during the impugned period". He further noticed that : "there are various websites available on internet such as ......from which the A.O. can get the information available with regard to "average rent" for similarly situated property. The present rental value of property can be observed from these sites. The AO can adjust this present rent (prevailing at this juncture) to arrive at the rent which would have been prevailing in FY 2000-01. The AO can suitably adjust the cost inflation ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant to note that the learned CIT(A) has directed the Assessing Officer to re-work out the ALV by obtaining data from three websites of internet and then adjusting it with a suitable cost inflation index. This direction was even after considering that the actual rent received by the assessee was higher than the Municipal ratable value representing the fair rent value. In our considered opinion, this direction for determining the ALV has no legal legs to stand out. As such, we cannot approve such direction which has no sanction of law. 5. It is further imperative to note that the Assessing Officer has rightly recorded that the assessee is one of the co-owners with 15% share. The learned Counsel for the assessee submitted that no addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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