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2018 (4) TMI 320 - ITAT VISAKHAPATNAMAnnual rental value as per fair market rate - Annual Let out Value - Held that:- In this case, it is observed from the assessment order that the municipal assessment was done for this building in the year 2008. Though certain repair works are carried out by the assessee, such as external painting, etc. it is for the assessee to establish that building is not ready for occupation after the municipal assessment was completed. Having done the municipal assessment, we are unable to agree with the contention of the assessee that the building was not ready for occupation. It is for the assessee to bring the evidence to prove that the building was not ready for occupation. With regard to the determination of fair market rent, as per the detailed discussion made in this order with regard to the plot No.242, we hold that the A.O. cannot adopt the fair market value without allowing the cross examination of the owners or tenants by the assessee. The assessee submitted that the building was not let out and not ready for occupation. We direct the A.O. to adopt the fair market value determined by the municipal authorities (GHMS) as the fair rental value and assess the same for income tax purpose.
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