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2015 (4) TMI 407 - HC - Income TaxAnnual Letting Value of the selfoccupied property at Ahmedabad - Standard Rent under the Bombay Rent Control Act v/s Municipal Rateable value in computing the property income u/s. 23 of the I. T. Act, 1961 - Tribunal confirming that the orders of the C.I.T. u/s. 263 holding that the original assessment computing property income on the basis of the Municipal Rateable value was erroneous and prejudicial to the interest of revenue - Held that:- While determining the annual letting value in respect of properties which are subject to rent control legislation and in cases where the standard rent has not been fixed, the Assessing Officer shall determine the same in accordance with the relevant rent control legislation. If the fair rent is less than the standard rent, then, it is the fair rent which shall be taken as annual letting value and not the standard rent. This will apply to both, self acquired properties and general cases where property is let out. While carrying out exercise under section 23(1) of the Act, the departmental authorities shall follow these guidelines reproduced above provided in the Full Bench decision of the Delhi High Court and followed by a Division Bench of this Court in the case of Tip Top Typography (2014 (8) TMI 356 - BOMBAY HIGH COURT). Reference will also have to be made to a decision of this Court in the case of Smt. Kokilaben D. Ambani vs. The Commissioner of Income Tax [2014 (9) TMI 763 - BOMBAY HIGH COURT] wherein, we have dealt with the aforesaid questions and the guidelines set out in the various Judgments have been referred to therein. Appeal is allowed and the impugned order dated 20th October, 1999 is set aside. The matter stands remanded for consideration in accordance with the aforesaid norms.
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