9911796707
TMI Blog2013 (8) TMI 895X X X X Extracts X X X X X X X X Extracts X X X X ..... arned AR is that the assessee gave its property on rent in the year 1992 and it was at the same rate of rent that the property continued to be let out. When we consider the facts in totality, being the assessee earning rent of ₹ 7,500 per month since 1992 and Shri Puneet R.Gupta earning rent from similar property at ₹ 10,000 per month from calendar year 2004, there hardly remains any dispute about the correctness of the value declared by the assessee. Respectfully following the precedents given in the case of Estate of Late Sadajiwatlal Chandulal (Indl.) v. ITO. [2013 (5) TMI 223 - ITAT MUMBAI] the Tribunal has held that the municipal ratable value represents fair rental value and the same needs to be adopted for determining the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leted the instant addition. The Revenue is in appeal against the deletion of addition. 3. After considering the rival submissions and perusing the relevant material on record, it is noticed that similar issue came up before the Tribunal in the case of Estate of Late Sadajiwatlal Chandulal (Indl.) v. ITO. Vide order dated 09.04.2013 in ITA No.1568/Mum/2012, the Tribunal has held that the municipal ratable value represents fair rental value and the same needs to be adopted for determining the annual letting value u/s 23 of the Act. A copy of this order has been placed on record. Apart from that, the learned CIT(A) has also relied on certain orders passed by the Mumbai Benches of the Tribunal in support of his view point. The reference in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he contrary, it is relevant to note that the Assessing Officer has relied on the case of Shri Puneet R.Gupta for adopting monthly rent of ₹ 3,17,000, who let out his property at a monthly rent of ₹ 3 lakh only by way of agreement of leave and licence on 11th May, 2007. Prior to that the property was let out by him on 25.02.2004 on a monthly rent of ₹ 10,000. A copy of both the agreements dated 25.02.2004 and 11.05.2007 have been placed on record. It is on the basis of this rent monthly of ₹ 10,000 that he filed his returns which came to be accepted as such. A copy of the assessment order passed in the case of Shri Puneet R.Gupta for assessment year 2005-2006 has been placed on record in which income from house proper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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