Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 1164 - AT - Income TaxRental value computation - reference to DVO - Held that:- Assessing Officer is expected to compute the annual rental value of the property on the basis of the method provided in the Tamil Nadu Buildings (Lease & Rent Control) Act, 1960. Since the provisions of Tamil Nadu Buildings (Lease & Rent Control) Act, 1960 was not taken into consideration and the Commissioner enhanced the rent at the rate of 25% per annum, this Tribunal is of the considered opinion that the Assessing Officer has to compute the rental value of the property by taking into consideration of the provisions of Tamil Nadu Buildings (Lease & Rent Control) Act, 1960. Once it is determined under the provisions of Tamil Nadu Buildings (Lease & Rent Control) Act, 1960 for the assessment year 2002-03, it would be reasonable to increase the rent at the rate of 15% for every three years as suggested by the Ld.counsel for the assessee. Thus entire issue is remitted back to the file of the Assessing Officer. - Decided in favour of assessee for statistical purposes.
|