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TMI Blog2018 (3) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... that any tenant would like to buy a property at the value taken by the AO than taking it on rent. But the very fact that property was let out @ 30,00,000/- / 2,000/- i.e. 1500 per sqmtrs. and rent was also paid for the period of 01.4.2008 for certain months, the claim is belied. The very receipt of rent justifies ALV to be based on such rent, in absence of anything to the contrary. CIT(A) has rightly observed that the property was again let out on resumption of activity @ 17 lakhs per month, the annual value was taken at that rate, if evidence to that effect is produced. CIT(A) held that the AO may give necessary relief in re-computation of rental income, subject to verification of such rental receipt in later years, which does not need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... discontinuance of business activity (factory closed) which is unjust and uncalled for. v) The appellant / assessee craves your honour leave to add, delete or modify any grounds of appeal during the course of hearing. 3. The brief facts of the case are that the assessee company is engaged in the job work for Auto parts and other items. The assessee has declared the rental income from the property at Plot No. A-4, Koshi Kotwan, Mathura, Uttar Pradesh. The said property was given on rent to M/s JBM Auto Ltd. @25,000/- per month. The AO noted that earlier for the period 1.4.2008 to 30.11.2008, the rental income from the same party from the from the same property was shown at ₹ 2,25,000/- p.m. The AO, therefore, asked the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order dated 16/09/2016 has partly allowed the appeal of the assessee . 4. Aggrieved with the order of the Ld.CIT(A) dated 16.9.2016, the Assessee is in appeal before the Tribunal. 5. Ld. Counsel of the assessee reiterated the contentions reiterated in the grounds of appeal and prayed that the addition in dispute may be deleted. 6. On the other hand Ld. DR relied upon the orders of the revenue authorities. 7. I have heard both the parties and perused the orders passed by the Revenue Authorities alongwith relevant records available with me. I find that assessee has declared the rental income from the property at Plot No. A-4, Kosi Kotwan, Mathura, Uttar Pradesh. The said property was given on rent to M/s JBM Auto Ltd. @ 25,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any reduction in the ALV of the property. The assessee has contended that any tenant would like to buy a property at the value taken by the AO than taking it on rent. But the very fact that property was let out @ 30,00,000/- / 2,000/- i.e. 1500 per sqmtrs. and rent was also paid for the period of 01.4.2008 for certain months, the claim is belied. The very receipt of rent justifies ALV to be based on such rent, in absence of anything to the contrary. However, considering the factual matrix of the case, in my opinion, the Ld. CIT(A) has rightly observed that the property was again let out on resumption of activity @ 17 lakhs per month, the annual value was taken at that rate, if evidence to that effect is produced. Hence, the Ld. CTI(A) held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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