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TMI Blog2018 (9) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... assets concept in respect of certain properties of the assessee - Tribunal opined that block assets concept ought to be applied in terms of Section 32 in case of the assessee - No error in law on the part of the Tribunal in its decision on this point. Determination of annual value of certain property of the assessee, being a firm house near New Delhi - Held that:- The assessing officer had undertaken a valuation exercise to come to his conclusion that the rent disclosed by the assessee is much lower than the market value. He has referred to a website www. 99acres. com. from which he has referred to higher figures of rent. But this Court has consistently held that agreed rent would be the determinant factor for valuation and not the rent rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chargeable to tax was proper in a case where the assessee's stand is that there was no satisfaction on the part of the assessing officer recorded in the assessment order that the correctness of the claim of the assessee was not proper ?" We, however, do not find any reason to interfere with the Tribunal's decision on the same issue in relation to assessment year 2007-08, when Rule 8D of the Income Tax Rules 1962 had not become operational and the Tribunal found on fact that the expenditure already disallowed was sufficient. Next point urged on behalf of the Revenue is in respect of the decision of the Tribunal to apply the block assets concept in respect of certain properties of the assessee. The assessing officer as well as the First A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndently address this application as we propose to hear out the appeal itself. The stay petition being GA. No. 452 of 2017 shall, accordingly, stand disposed of. We were inclined to proceed with the appeal on the basis of the stay petition only treating the same as paper book. But Mr. Bajoria, learned senior counsel has volunteered to file an informal paper book. Let such informal paper book be filed by 6th August, 2018. Let a copy thereto be served upon the learned advocate-on-record of the Revenue. Let the appeal be listed for hearing on 20th August, 2018. [Re: ITAT No. 10 of 2017 GA No. 51 of 2017] We heard Mr. Nizamuddin, learned counsel for the Revenue. We admit the appeal on the following point, which in our opinion, involve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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