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2012 (5) TMI 459 - AT - Income TaxWhether CIT(A)'s upholding the action of the AO in treating the sums being long term capital gains arising on exercise of rights under ESOP, as "perquisites" and taxed the same in the computation of income under the head "salaries is correct - During the course of assessment proceedings, the Assessing Officer noticed that the assessee had received rights under Stock Option Grant from the parent company of Pfizer India Ltd., viz; Pfizer Inc, USA being the grantor of rights under Stock Option Grant - Held that: Learned Representatives fairly agree that the issue is covered against the assessee in assessee's own case for the assessment years 1999-2000 to 2002-03, and so far as this Tribunal is concerned, the matter is to be decided against the assessee - Appeals are dismissed Whether CIT(A)'s upholding the action of the AO in calculating Annual Ratable Values (ALV) of three house properties for the purpose of computing "income from house property" on estimated basis is correct - It was also submitted that since these houses were purchased lock back, values are estimated and no such certificates from Municipal authorities are available with the assessee. It was in this backdrop that the Assessing Officer, inter alia, came to the conclusion that the assessee has not been able to give/submit the municipal ratable and substantiate the basis of the computation of ALV and also current capital value - Held that: assessee has furnished the certificates given by the Brihanmumbai Mahanagarpalika showing the rateable value of the flats and these certificates were enclosed to the return of income. The calculation of the assessee was based on these certificates. In the light of these certificates the Assessing Officer was not justified in redetermining the annual letting value of the flats on the basis of the Times of India property chart - Appeal is allowed Whether CIT(A)'s upholding the action of the AO in disallowing expenses of Rs.1,27,786 for A.Y. 2004- 05 and Rs.2,43,375 for A.Y. 2005-06 incurred on management fees on the alleged ground that these fees are for the purpose of holding assets in Fiduciary Trust of International Account is correct - It was also stated that the copy of the mandate of account opening from FTI account shows that the bank at its discretion may change the nature and composition particularly by selling or purchasing securities, currencies and/or precious metal - Appeals are dismissed
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