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2018 (7) TMI 1810 - ITAT MUMBAIRevision u/s 263 - determination of the annual value of premises under section 23(1)(a) - assessee’s assessment was reopened by issuing notice under section 148 - Held that:- In the present case, the CIT has exercised his jurisdiction under section 263 of the Act for the purposes of determination of the annual value of the said premises under section 23(1)(a) of the Act, in view of the Tribunal's Order dated 30.12.2011 and the judgment of Full Bench of the Delhi High Court in Moni Kumar Subba [2011 (3) TMI 497 - DELHI HIGH COURT]. The said issue was a subject matter of appeal before the CIT(A) against order dated 20.12.2012 passed by the AO giving effect to the Tribunal's order. CIT(A) has also considered the said issue in his appellate order. In this regard, he has observed that the determination of annual value only based on the fair rent is incorrect without ascertaining the standard rent of the said premises. According to him, standard rent as determined under the rent control legislation is the upper limit and annual value under section 23(1)(a) has to be lower of the standard rent or the fair rent. A bare perusal of this part of the CIT(A)'s order shows that determination of annual value of the said premises as per the Tribunal's Order was a subject of matter of appeal before the CIT(A) which has been considered and decided by him. Therefore, the CIT could not have assumed jurisdiction under section 263 of the Act in respect of the said issue. - decided in favour of assessee
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