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2018 (1) TMI 285 - AT - Income TaxDetermination of ALV - invoking the provisions of section 23(1)(a) as against the ALV declared by the assessee u/s 23 (1) (b) - Held that:- As in the case of CIT vs. Tip Top Typography [2014 (8) TMI 1002 - BOMBAY HIGH COURT] expounded that though there cannot be a blanket rejection of the municipal valuation but the Assessing Officer can deviate from the same if he has cogent and reliable material. In the present case, find that the premises under consideration is in posh locality in Cuffe Parade, Mumbai. The Assessing Officer has made due enquiry and gathered cogent and reliable material regarding the applicable rent in such property in same building and same wing. The Assessing Officer has found that identical property is fetching monthly rent of ₹ 4,25,000/-. In such circumstances, the rateable value determined by the Assessing Officer is based upon cogent and reliable material. Hence, departure from the municipal valuation adopted by the assessee is duly justified and is in accordance with Hon'ble jurisdictional High Court guidelines as above. Accordingly, set aside the order of the ld. Commissioner of Income Tax (Appeals) and restore the order of the Assessing Officer. - Decided in favour of revenue
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