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2011 (2) TMI 316 - AT - Income TaxApplicability of section 23(1)(a) or 23(1)(b) - During the course of assessment proceedings, the Assessing Officer asked the assessee to explain as to why the rental income should not be computed taking into account the huge deposit received - There is no dispute to the fact that the flat in which the assessee is the co-owner has been let out for a monthly rent of Rs. 40,000/- with interest free deposit of Rs. 2.25 crores - Since the rent received by the assessee in the instance case is more than the municipal rateable value; therefore, the same has to be taken as ALV of the property - since the municipal rateable value was not before the Assessing Officer and since the CIT(A) has not considered the same, which was given before him for the first time - Appeal is allowed by way of remand to AO
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