9911796707
TMI Blog2020 (1) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... see is a resident individual. For the assessment year under consideration, the assessee filed his return of income on 27th September 2011, declaring total income of Rs. 75,73,399. In the course of assessment proceedings, the Assessing Officer noticed that the assessee has offered an amount of Rs. 18,455, under the head "Income From House Property" and has shown rent received of Rs. 30,000. He, therefore, called upon the assessee to furnish the details of the property let out and rent received. In response, the assessee vide letter dated 12th December 2013, furnished the details and submitted that he along with his father and brother is a co-owner of a flat at New Friends Colony, New Delhi. It was submitted that a part of the flat was given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the higher side. Therefore, he estimated the fair rent at Rs. 1,00,000, per month. Accepting assessee's claim that only 1/3rd share should be considered for addition, learned Commissioner (Appeals) directed the Assessing Officer to add 1/3rd of assessee's share by determining the ALV on the fair rent value of Rs. 1,00,000 per month. 5. The learned Authorised Representative submitted, various submissions made by the assessee were not considered either by the Assessing Officer or learned Commissioner (Appeals). She submitted, the flat owned by the assessee and other co-owners is used for residence by assessee's father. She submitted, only a small part of the flat was used by the partnership firm, wherein, assessee's father i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had shown the annual value of the property at Rs. 30,000 per annum and has supported it through a valuation made by the Municipal Authority who determined the ALV at Rs. 79,380 per annum. Undisputedly, the valuation by the Municipal Authorities was furnished before the Assessing Officer as well as learned Commissioner (Appeals). It is apparent on record, neither the Assessing Officer nor learned Commissioner (Appeals) has accepted the valuation made by the Municipal Authorities. On the contrary, the Assessing Officer has referred to the ALV of some other properties rented out in the nearby locality. Objecting to this, the contention of the assessee is, the comparable cases of property rented out as considered by the Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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