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TMI Blog2009 (12) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... ition in respect of income from house property computed by the Assessing Officer on the basis of rent receivable if the properties are let out and not the municipal valuation as shown by the assessee. Year-wise additions made by Assessing Officer are shown as below:- Assessment year Amount (Rs) 1999-00 54,000/- 2000-01 54,000/- 2002-03 1,26,000/- 2004-05 75,600/- 2005-06 75,600/- 3. Briefly stated the facts are that the assessee is an individual. He is residing in 9/464, Wadifalia, Store Sheri, Surat. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to be allowed when the property is let out and remained vacant for part of the year. In the appellant s case the properties have not actually been let out during the entire year. The appellant has claimed that the properties have remained vacant throughout the year. Hence the case of the appellant is not covered as per the said clause. The annual value of the property has to be taken as the sum which the properties might reasonably be expected to let from year to year or the rent received if the properties are let out and not the municipal valuation as shown by the appellant. The Assessing Officer has rightly estimated the fair rent at ₹ 3,000/- p.m. for each building. The appellant has not given any evidence for fair rent for ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Municipal valuation should be the basis of determining annual value in the present case. Action of the Revenue authorities in adopting annual value on the basis of inquiries conducted regarding market rent in the vicinity of the property is not in accordance with law. Therefore, the Assessing Officer is directed to accept the income from house property on the basis of municipal valuation. 5. On the other hand, Shri Anil Kumar, CIT, Sr.DR appearing on behalf of the Revenue supported the orders of authorities below. 6. Having heard both the sides, we have carefully gone through the orders of the authorities below and the decision of ITAT Mumbai D Bench in the case of Parkaper Industries (P) Ltd. Vs. ITO (supra). In the case before us, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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