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2019 (3) TMI 1869 - AT - Income TaxIncome from house property - ALV determination - ascertainment of ALV where the flat was vacant during the year - CIT(A) holding that ALV of the property as determined by municipal authority is the yardstick for determining annual value for the purpose of determining the income from house property as against the ALV computed by the AO at a sum at which the property is expected to let out from year to year - HELD THAT:- In the case of DCIT vs. Laxmi Jain in [2014 (11) TMI 1157 - ITAT MUMBAI] by following the decision of Hon’ble Jurisdictional High Court in the case of Smitaben N. Ambani vs. CWT [2009 (1) TMI 430 - BOMBAY HIGH COURT] High Court held that the ALV of the vacant flat has to be made on the basis of municipal ratable value and thus dismissed the appeal of the Revenue. The said decision of the Tribunal was affirmed by the Hon’ble Bombay High Court in the case of Pr. CIT vs. Laxmi Jain [2018 (4) TMI 1644 - BOMBAY HIGH COURT] on the ground that there is no substantial question of law arising from the Revenue’s appeal. In the case of Harsh Jain vs. DCIT [2015 (7) TMI 1253 - ITAT MUMBAI] has held that the ALV of the property has to be computed as per municipal ratable value as deemed income from the house property. The said decision of the co-ordinate bench of the Tribunal was affirmed by the Hon’ble Bombay High Court in the case of Pr. CIT vs. Harsh Jain [2019 (2) TMI 537 - BOMBAY HIGH COURT] where the appeal of the Revenue was dismissed. We are of the view that the ALV of the vacant flat has to be determined on the basis of municipal ratable value for the purpose of assessing the income under the head “house property”. Accordingly, we are inclined to allow the appeal filed by the assessee and dismiss the appeal of the Revenue
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