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TMI Blog2019 (2) TMI 537X X X X Extracts X X X X X X X X Extracts X X X X ..... om house property - rateable value of the properties as determined by the Municipal Authorities - Additions made by reversing the rateable value of the property owned by the assessee which was vacant - Held that:- In case of Smt. Smitaben N. Ambani v/s. Commissioner of Wealth Tax [2009 (1) TMI 430 - BOMBAY HIGH COURT] this Court was considering a similar question in context of valuing the self occupied property, for the purpose of wealth tax of the assessee. The provisions for assessing the value of the property were similar to those applicable in case of assessee's annual rateable value in terms of Section 23 of the Act. This question is, therefore, not entertained. - INCOME TAX APPEAL NO.1438 OF 2016 - - - Dated:- 5-2-2019 - AKIL KURE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 (for short the Act ). 3. Brief facts are that, the search and seizure action was carried out in case of one Jai Corporation Group and its employees. During such search, various documents relating to purchase of land by Group concerns of Jai Corporation were seized. These documents related to several individuals including the present Respondent-Assesssee. On the basis of such documents and email correspondence, the Assessing Officer made additions of sum of ₹ 2.46 Crores (rounded of) as unaccounted cash payments made by the assessee in course of land deed. 4. The Commissioner of Income Tax (Appeals) [for short CIT(A) ], confirmed the order of Assessing Officer, upon which, assessee filed further appeal before the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pers were not found from the possession of the assessee, nor they were signed by the assessee and finally the purchaser of the land, was not examined by the Assessing Officer. We do not find any question of law arising. 8. Question (b) relates to the additions made by the Assessing Officer by reversing the rateable value of the property owned by the assessee which was vacant. While complying the taxability of deemed rental income in terms of Sections 22 and 23 of the Act, the Assessing Officer discarded the rateable value fixed by the Municipal Corporation for assessing the tax on such properties and substituted the same with market rate as prevailing in the area, as estimated by him after collecting data with respect to the same. The Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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