Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 1145 - AT - Income TaxMethod of computation of ALV - AO invoked the provisions of section 23(1)(a) of the Act on the premise that the annual value of the property deemed to be the sum for which the property might reasonably be expected to let out from year to year, therefore, the municipal valuation is not binding upon the Department - Held that:- CIT (A) has rightly relied on the binding judgment of the Hon’ble jurisdictional High Court Smitaben N Ambani vs. CWT [2009 (1) TMI 430 - BOMBAY HIGH COURT] wherein it was held that rateable value of the properties determined by the Municipal Authorities shall be the yard stick. It is also noted that in the cases of Shri Satyapal Jain (husband of the assessee) for A.Y. 2006-07 and other family members the amount is to be taxed u/s 23(1)(a) of the Act and would be rateable at municipal value. In view of this uncontroverted position, appeal of the assessee is allowed.
|