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2018 (12) TMI 1681 - AT - Income TaxIncome from house property - annual lettable value of the premises owned by the assessee at Mumbai instead as offered by the assessee at, being, municipal rateable value of the said premises - HELD THAT:- We find that the factual matrix is squarely covered in assessee’s favor by catena of judicial pronouncements wherein it has been held that municipal rateable value is a recognized basis for determination of ALV. The said proposition has duly been approved in CIT V/s Tip Top Typography [ 2014 (8) TMI 356 - BOMBAY HIGH COURT ] as well as MONI KUMAR SUBBA [2011 (3) TMI 497 - DELHI HIGH COURT] wherein as held that market rate in the locality is an approved method for determining the fair rental value but it is only when the Assessing Officer is convinced that the case before him is suspicious, determination by the parties is doubtful that he can resort to enquire about the prevailing rate in the locality. We are of the view that municipal rateable value may not be binding on the Assessing Officer but that is only in cases of afore-referred nature. It is definitely a safe guide - decided in favour of assessee
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