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2010 (1) TMI 894 - ITAT, MUMBAIIncome from house property - two bungalows owned by the assessee were occupied by the partners. No rent was shown from these partners. The AO by observing that since the assessee has not offered any income u/s 22/23 of the Act and also due to the fact that the assessee is a partnership firm and cannot have a self occupied property, income from the property has to be brought to tax under the head 'income from house property' - Held that:- value of the rental income has to be computed by taking into account the rental value as declared by NMMC rather taking the value by estimating the rent on the basis of investment made in the properties. - disallowance of reduced made by the AO, department are allowed in part. Adhoc disallowance of expenditure - held that:- Various vouchers have not been maintained and almost all the payments have been made in cash; therefore, it is thought fit to restrict the disallowance to 10% against 20% disallowed by the AO and against 5% restricted by the CIT(A) as that will meet the end of justice to both sides.
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