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TMI Blog2016 (4) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration of the provisions of Tamil Nadu Buildings (Lease & Rent Control) Act, 1960. Once it is determined under the provisions of Tamil Nadu Buildings (Lease & Rent Control) Act, 1960 for the assessment year 2002-03, it would be reasonable to increase the rent at the rate of 15% for every three years as suggested by the Ld.counsel for the assessee. Thus entire issue is remitted back to the file of the Assessing Officer. - Decided in favour of assessee for statistical purposes. - ITA Nos.139, 140, 141 & 142/Mds/2016 - - - Dated:- 22-4-2016 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER Appellant by : Sh. R. Vijayaraghavan, Advocate Respondent by : Sh. A.B. Koli, JCIT O R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 2002-03, the assessee accepted before the Commissioner the revision of rental income by 25%. By taking into consideration of this acceptance made by the assessee before the Commissioner, the appellate Commissioner estimated the rental income at ₹ 3,00,000/- per annum. Similarly, for assessment year 2004-05, the appellate Commissioner estimated the rental income at ₹ 4,68,750/-. For the assessment year 2005-06, by adopting 25% increase per annum, the rental income was worked out to ₹ 5,85,938/- per annum. Similarly for the assessment year 2006-07, the rental income was estimated by appellate Commissioner at ₹ 7,32,422/- per annum. Since the house property was let out to holding company of the assessee, accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is not known whether any land appurtenant to the building is available or not. The Assessing Officer apparently computed the rental value on the basis of Inspector s report and the Municipal value. The building is admittedly in the city of Chennai and it is governed by Tamil Nadu Rent Control Act. Tamil Nadu Rent Control Act provides for method of calculation of rental value. Therefore, the Assessing Officer is expected to compute the annual rental value of the property on the basis of the method provided in the Tamil Nadu Buildings (Lease Rent Control) Act, 1960. Since the provisions of Tamil Nadu Buildings (Lease Rent Control) Act, 1960 was not taken into consideration and the Commissioner enhanced the rent at the rate of 25% pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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