9911796707
TMI Blog2012 (3) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax (Appeals) erred in 1. holding that the order of the Honourable Income Tax Appellate Tribunal, Mumbai, given on the same facts in the Appellant s own case for the Assessment Year 1996-97, for determining the Income from House property, is not applicable for the assessment year in the present appeal i.e. for Assessment Year 2006-07. 2. holding that for the Assessment 1996-97, the Honourable Income Tax Appellate Tribunal held that the provisions of Rent Control Act were not applicable, whereas the actual observation was that no standard rent of the house property involved in this case stands determined . 3. not appreciating that even under The Maharashtra Rent Control Act, 1999, applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 297/- being 22.62% share from a flat at Sea Lord, Mumbai. The annual value was taken on the basis of municipal rateable value. 3. The Assessing Officer took a view that even though the market rate of rent is much more higher in the locality, the annual value u/s.23(1)(a) taken by the assessee is lesser amount. After relying upon the judgment of Hon'ble Supreme Court in the case of Sultan Brothers Private Ltd. v. Commissioner of Income-tax reported in [1964] 51 ITR 353, Hon'ble Bombay High Court s judgment in the case of Jamanadas Prabhudas vs. CIT reported in 20 ITR 160 and the decision of Hon'ble Gujarat High Court in the case of Sakarlal Balabhai reported in 100 ITR 97 he estimated the rent for which the property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contented that the Hon'ble ITAT in assessee s own case in similar set of facts and circumstances for the Assessment Year 1996-97, has taken the figure of municipal valuation and allowed the appeal in his favour. The CIT(Appeals) however, tried to distinguished the order of the ITAT (in the appellant s own case) on the ground that Self Occupied Property (SOP) has been changed in the impugned Assessment Year and that the provisions of Rent Control Act should be applied. He, therefore, confirmed the order of the Assessing Officer after observing and holding as under :- 2.3.1 Facts and material on record are considered. In the facts and circumstances of the case, there is a material difference between the position in law as appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the other hand, the learned Sr. DR heavily relied upon the findings of the learned CIT and contented that the rent estimated at ₹ 15,000/- looking to the area in which the flats are located is fair and reasonable and no interference should be made in such a valuation. 6. We have gone through the orders of the authorities below and also the judgment of the co-ordinate Bench in the appellant s own case for the Assessment Year 1996-97 (ITA No.5897/Mum/1999). Both the parties have not disputed the fact that the municipal valuation of the property as shown by the appellant is the same as was prevalent in the Assessment Year 1996-97. It is also undisputed that both the properties were not let out either in part or for any perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
