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TMI Blog2018 (11) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration on the basis of a notional value of ₹ 73,80,000/- per annum as against ₹ 24,000/- per annum declared by the assessee being the annual rent received or receivable. The issue raised in the grounds is thus decided in favour of the assessee. - I.T.A. No. 192/DEL/2016 - - - Dated:- 13-11-2018 - SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER For The Appellant : Sh. Rajesh Jain, CA For The Respondent : Ms. Paramita M. Biswas, CIT-DR ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the assessee against the order dated 27/10/2015 passed by CIT(A)-7, New Delhi for Assessment Year 2011-12. 2. The grounds of appeal are as under:- 1. That the Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/2014 determining the taxable income at ₹ 1,18,60,190/-. The Assessing Officer made net addition of ₹ 56,61,600/- under the head income from house property by invoking the provisions of Section 23 1A of the Income Tax Act, 1961 and adopted annual value of residential house at 9, Friends Colony, New Delhi at ₹ 81,12,000/- per annum as against ₹ 24,000/- per annum declared by the assessee being the actual rent received/receivable. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT (A). The CIT (A) by following the earlier order passed by the CIT (A) for Assessment Year 2004-05 and 2009-10, dismissed the appeal of the assessee. 5. The Ld. AR submitted that for A.Ys. 2004-05 to 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siding, belong to the assessee company before us. The construction cost of the building was raised to ₹ 1,75,000/- on a covered area of 4000 square yard and municipal value of the building was ₹ 10,310/- for those years. During those years, the assessee late S. Mohan Singh, was using 7/15 portion of that building and was paying rent of ₹ 8,400/-- per year. In the Assessment Year 1970-71, the Assessing Officer in the assessment framed U/s 143(3) of the Act has accepted the income from house properly in question by way of rent receivable at ₹ 12,000/-. Again, in the assessment year 1980- 81, the Assessing Officer in the assessment framed U/s 143(3) of the Act, has accepted the ALV of the property in question at ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following the ratio laid down by the Hon'ble Bombay Hon'ble High Court in this case, we hold that Assessing Officer was not justified in violating the rule of consistency on the issue of ALV of the property in question, already accepted by the Revenue in ear ly Assessment Years under similar facts and circumstances of the case. The Assessing Officer is thus directed to delete the additions in question made in the Assessment Years under consideration on the basis of a notional value of ₹ 73,80,000/- per annum as against ₹ 24,000/- per annum declared by the assessee being the annual rent received or receivable. The issue raised in the grounds is thus decided in favour of the assessee. Keeping in view these findings, the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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