2014 (1) TMI 1776

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..... favour of the assessee by the decision of the Tribunal in assessee’s own case for A.Y. 2006-07 modify the impugned order of the Ld. CIT(A) on this issue and direct the AO to accept the income from house property declared by the assessee adopting the municipal ratable value as annual letting value of its property. - Decided in favour of assessee. - I.T.A. No.6104/Mum/2011, I.T.A. No.6587/Mum/2011 .....

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..... tation of income from house property. 3. Facts on record show that the assessee has taken interest free deposit of ₹ 78,00,000/-. The Assessing Officer added the notional interest @ 18% on this security deposit and computed the income from house property at ₹ 14,04,,00,000/- . The same was computed by the Ld. CIT(A) at ₹ 1,05,06,720/- as against ₹ 2,54,400/- returned by .....

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..... the decision of the Tribunal in assessee s own case as mentioned hereinabove. We find that in ITA Nos. 4088/M/10 and 4657/M/2011 for A.Y. 2006-07, the Tribunal at para-10 on page-8 has held as under: In our opinion, the similar issue as involved in the present case thus has been decided by the coordinate bench of this Tribunal in favour of the assessee in the case of Reclamation Reality India .....

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