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TMI Blog2017 (7) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... f rent for the period upto 31/03/1994 shall remain as suggested in the “Compromise Proposal”, which is reproduced in paragraph 6 (supra) by the Apex Court. AO as such will have to consider the rent as agreed in the said compromise proposal and assess it accordingly. It is submitted that for the period of 1989-90 to 1996-97, the Assessing Officer has assessed the returns as per the compromise formula. The same would be applicable for the assessment year 1988-89 also. It would be appropriate for the Assessing Officer to assess the return for the year 1988-89 as per the compromise formula and as has been assessed for the year 1989-90 to 1996-97. - Income Tax Reference No. 9 of 2001 - - - Dated:- 22-6-2017 - S. V. Gangapurwala And G. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the lease rent, Municipal Taxes and levies would be borne by the said party. The Assessing Officer concluded that the Assessee had disputed the enhancement of rent and payment of rent, being a contractual liability, it was held that, it was a contingent liability and not allowable as a deduction from the total income of the said year. The Commissioner (Appeals) allowed the claim of the Assessee. The Revenue went in Appeal before the Tribunal. The Tribunal allowed the appeal of the Revenue with following observations; 7.On careful consideration of the rival submissions in the light of the material on record, we are of the view that the Revenue is to succeed. Firstly, there is no denial of the fact that the agreement entered into by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Jamshed Hormusji Wadia vs. Board of Trustees, Port of Mumbai and another, reported in (2004) 3 Vol. SCC 214. 6] The present period of assessment i.e. the assessment year 198889 is covered by the said compromise arrived at and has been detailed by the Apex Court in the said judgment. The Apex Court in paragraph 6 has reproduced the letting rates for 'nonhome occupation' per sq metre of floor space per month of builtup area for the period 1/10/1982 to 30/09/1992. 6 (iii) Letting rates for 'nonhome occupation' per sq metre of floor space per month of builtup area (as derived from valuation by Kirloskar Consultants) shall be as under for the period 1-10-1982 to 30-9-1992: (a) Sassoon Dock E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be on the basis of rates of return at 10% for nonresidential uses and 8% for residential uses, based on Kirloskar Consultants' report, instead of 15% and 12% respectively as was suggested in the 'Compromise Proposals'. The 'Compromise Proposals' so modified shall bind the parties, and all the lessees even if not parties to these proceedings in view of the proceedings taken by the High Court under Order 1 Rule 8 of the C.P.C.; (iii) the rates of rent for the period upto 31.3.1994 shall remain as suggested in the 'Compromise Proposals'; (iv) the interest chargeable by the Board of Trustees of the Port of Mumbai in respect of arrears of rent for the period commencing 1.4.1994 upto the date of actual pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Adjudicator. The fee shall be paid by each lessee filing the representation for decision. The requisite secretarial and clerical assistance shall be provided by the Bombay Port Trust or as directed by the High Court. The learned Adjudicator shall commence his proceedings on expiry of eight weeks from today and on the record of representations being made available to him and shall conclude the same within a period of 4 months thereafter. The Adjudicator shall not be bound to record evidence and may determine and dispose of the representations by summary hearing, receiving such affidavits and documents as required by him, and/or carrying out inspection of the leased properties, if he deems fit to do so. The Adjudicator shall examine a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the matter (i.e., the learned Single Judge who passed the order dated 1-10-1990/ 4-10-1990, the two learned Judges who passed the judgment dated 11-3-1993/ 12-3-1993 and the two learned judges who passed the order dated 1-8-2000). His acquaintance with the facts of the case would accelerate the hearing and disposal. However, this is only a suggestion and is not in any manner intended to fetter the power of the learned Chief Justice to assign the matters for hearing in the High Court. (xii) The issue as to the applicability of the Maharashtra Rent Control Act, 1999, to the Port of Mumbai and the property held by it is left open to be decided in appropriate proceedings. 8] It has been held that the rates of rent for the period ..... X X X X Extracts X X X X X X X X Extracts X X X X
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