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TMI Blog2013 (11) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Tribunal directed the Assessing Officer that the ratable value of the property be considered for determining the annual letting value of the property – Also, contention of the assessee that deduction should be allowed towards municipal taxes is not acceptable in view of the reason that such taxes were paid by the tenant and not by the assessee – Decided in favor of Assessee. - ITA No.7921/M/11 - - - Dated:- 8-11-2013 - Shri B. R. Mittal And Shri Rajendra,JJ. For the Appellant : Shri Rajan Vora For the Respondent : Shri K. Singh ORDER Per B. R. Mittal, JM:- The assessee has filed this appeal for assessment year 2008-09 against order of ld. CIT(A) dated 19.08.11. The appeal filed by the assessee is barred by limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be included in the annual letting value of the property. Further, the Tribunal has also held by following the decision of the Hon'ble Jurisdictional High Court in the case of M.V. Sonavala Vs. CIT (1989) 177 ITR 246 that the income from house property should be computed on the basis of municipal ratable value and the Tribunal directed the Assessing Officer that the ratable value of the property be considered for determining the annual letting value of the property in respect of the flat No.4C at 23 Prithviraj, New Delhi which has been given on lease by the assessee to the parent company Tata Steel Ltd. However, it is relevant to state that the Tribunal has held that the contention of the assessee that deduction should be allowed towards m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from assessment year 2008-09. Since the Assessing Officer has worked out the disallowance in terms of Rule 8D read with section 14A of the Act, there is no infirmity in the order of the Assessing Officer. Accordingly, the ld. CIT(A) has confirmed the action of the Assessing Officer. Hence this appeal by the assessee. 9. At the time of hearing ld. A.R. referred page 4 of the paper book, which is a copy of the profit and loss account of the assessee. He submitted that the Assessing Officer had only considered the opening stock in trade and not considered the closing stock in trade and therefore the computation made by him while applying Rule 8D is not correct. He further submitted that the Assessing Officer did not consider the submission ..... X X X X Extracts X X X X X X X X Extracts X X X X
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