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2009 (11) TMI 348 - KARNATAKA HIGH COURTIncome from House Property- The Assesee valued the unlet portion at Rs. 2.25 per square foot per month. The Assessing officer assessed the rent in respect of the vacant portion of the building at Rs. 12 per square foot per month and completed the assessment. The Tribunal held that the income offered by the assessee at Rs. 2.25 per square foot per month in respect of the vacant portion of the building was proper. Held that- when the building was not occupied it was for the Assessing Officer to fin out what would be the standard rent under the Tamilnadu Building (Lease and Control) Act, 1960, and what would be the probable market rent if it had been let out in the vicinity. The Assessing Officer had not taken note of the two aspects. Therefore, the matter was remanded to the Assessing Officer to pass fresh order of assessment keeping in view the standard rent to be fixed under the 1960 Act and also the market value at Rs. 3 per square foot as pleaded by the assessee in respect of a building let out by the corporation.
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