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2019 (8) TMI 614 - AT - Income TaxIncome from house property - ALV computed by the A.O @ 8% of the cost of the flat - assessee treating it as self occupied and exempt - property is covered under the Maharashtra Rent Control Act, 1999 - 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 in Smt. Smitaben N.Ambani V/s CWT [ 2009 (1) TMI 430 - BOMBAY HIGH COURT ] which has subsequently been followed by Hon’ble Court in number of decisions. Therefore, no infirmity could be found in the impugned order, in this regard. The other decisions of this Tribunal also support the said proposition. Additionally, no fault could be found in the reasoning of Ld. first appellate authority in paragraph 5.1.1 that the property under co-ownership was encumbered property and could not be expected to be let out at fair market value. Also, no fallacy could be found in the logic that due to the indivisibility of living space of co-owned property, it could be said that 60% of the property was notionally occupied by the assessee and hence, was to be treated as self-occupied property of the assessee. - Decided against revenue.
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