9911796707
TMI Blog2022 (5) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... ting each Ground of appeal a That the Learned CIT [Appeal] has erred in law & facts by disallowing House property loss of Rs 7,69,954/- without considering our submission and documents put forwarded. So, it is prayed to your honor that addition may please be deleted. Rs. 2,80,480 b Any other ground that end of justice shall be time of hearing. Total tax effect Rs. 2,80,480 3. 3. The facts of the case are that the assessee was working in Cadila Pharmaceutical Ahmedabad and earned income from salary (Rs. 49,37,668/), loss from house property (Rs. (-)7,69,954/-) and income from other sources (Rs. 17,869/-). During the course of assessment proceedings, the Ld. AO enquired into the loss of Rs. (-)7,69,954/- claimed under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing loan interest of Rs. 9,58,954/- against the same. So, it comes to House Property loss of Rs. 7,69,954/-. We had also submitted all other bank account statement vide our letter dated 04th August 2015 & 29th September 2015. All the relevant documents for home loan, rental income (i.e. Debit Notes) & interest paid to the bank were submitted to Assessing Officer on 12th October, 2015. Further the learned Assessing Officer had asked during the course of assessment regarding standard rent & municipal valuation, in response to that vide letter dated 21st January 2015 we has submitted that the house has been leased out to daughter in law Mrs. Mouli Vyas as she was doing some business in HR over there. There is no relevant of any municipal va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer is confirmed and this ground of the appeal is dismissed." 5. Before us, the Ld. Counsel for the assessee submitted that the house has been rented to close relative (daughter-in-law) of the assessee and drew our attention to Page 18 of Paper-Book, wherein he pointed out that the confirmation of the tenant, along-with PAN number has been placed on record. He further drew our attention to pages 19-20 of the Paper-Book i.e. bank statement reflecting receipt of rent through banking channels. The Ld. Counsel for the assessee also drew out attention to interest certificate issued by Axis Bank at page 21 of Paper Book. He further drew out attention to Pages 22-23 of paper book reflecting loan statement issued by Axis Bank and pag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, in our view the assessee has adequately substantiated that the premises have been given on rent. Now, on the issue of municipal valuation/standard rent, the Department has also not come up with any alternate figure of rent for which the property should have been let out. It has cast the upon the assessee to furnish such alternate figure albeit without disputing the fact that the assessee has received monthly rent of Rs. 30,000/- per month which has also been correctly reflected in the return of income. Section 23 of the Act deals with the method of the determination of the 'annual value' of a house property. Section 23(1)(a) defines the 'annual value' of a house property as 'the sum for which the property might ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
