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2013 (8) TMI 895 - ITAT MUMBAIEstimation of rent - income from house property - CIT(A) held that the ALV was to be determined on the basis of municipal value and not some estimated rent - Held that:- Assessing Officer has relied on the case of Shri Puneet R.Gupta,another assessee in the same charge, for assessment year 2005-2006 has been placed on record in which income from house property has been reflected at ₹ 84,000. Similar order for assessment year 2006-2007 in the case of Shri Puneet R.Gupta has also been placed on record disclosing income from house property at ₹ 84,000 which stood accepted as such. The case of the learned AR is that the assessee gave its property on rent in the year 1992 and it was at the same rate of rent that the property continued to be let out. When we consider the facts in totality, being the assessee earning rent of ₹ 7,500 per month since 1992 and Shri Puneet R.Gupta earning rent from similar property at ₹ 10,000 per month from calendar year 2004, there hardly remains any dispute about the correctness of the value declared by the assessee. Respectfully following the precedents given in the case of Estate of Late Sadajiwatlal Chandulal (Indl.) v. ITO. [2013 (5) TMI 223 - ITAT MUMBAI] the Tribunal has held that the municipal ratable value represents fair rental value and the same needs to be adopted for determining the annual letting value u/s 23 of the Act.
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