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2014 (8) TMI 1002 - HC - Income TaxComputation of actual rent - Rateable value fixed by the Municipal Authorities - as claimed before AO that the ratable value fixed by the Municipal Authorities was ₹ 39,573/per annum whereas the actual rent received under section 23(1)(b) was ₹ 30,000/per month i.e. annum which is much higher - Held that:- As the assessee fairly admitted before us that no evidence was filed before the Assessing Officer regarding rateable value fixed by the Municipal Authorities. Therefore, we set aside the order of the learned CIT(A) and remit the matter back to the file of the Assessing Officer with direction to verify the rateable value fixed by the Municipal Authorities and if the same is less than ₹ 3,60,000/then the actual rent received should be taxed otherwise the matter may be decided in accordance with law.
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