2021 (1) TMI 643 - ITAT MUMBAI - Income Tax

Head Note / Extract:
Income from house property under section 23(1)(a) - rental income exceeded the standard rent and municipal ratable value of that area - HELD THAT:- As relying on assessee's own case wherein Assessee has not been able to consider the Judgment of TIP TOP TYPOGRAPHY [2014 (8) TMI 356 - BOMBAY HIGH COURT] wherein expounded that the municipal ratable value cannot be brushed aside unless the AO is able to show that there was effort on the part of the assessee to show lesser rent. In this regard we note that Hon'ble Jurisdictional High Court decision is binding upon the Tribunal - Accordingly, in our considered opinion the issue in this regard needs to be examined on the touchstone of Hon'ble Jurisdictional high Court decision - Thus we restore the disputed issue to the file of the A.O. for limited purpose with similar directions to examine the issue and allow the grounds of appeal of the assessee for statistical purposes.