TMI Blog2013 (12) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... mined by invoking provisions of Section 23(1)(a) – Decided in favour of assessee. - ITA No. 5517/Mum/2010 - - - Dated:- 5-2-2013 - Shri D. Manmohan And Shri Rajendra,JJ. For the Appellant : Shri Manoj Mumar For the Respondent : Shri Sanjay P. Somani ORDER Per D. Manmohan, V.P. This appeal is filed at the instance of the Revenue against the order dated 21.04.2010 passed by the CIT(A) -19, Mumbai and it pertains to A.Y. 2007-08. 2. The following grounds were urged by the Revenue in this appeal: - "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred deleting the addition of Rs.1,51,91,858/- made to income from house property by the Assessing Officer, despite the fact that provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Act. 4. Aggrieved, assessee contended before the CIT(A) that section 23(1)(a) refers to annual value which in turn revolves around the concept of reasonable rent or fair rent. In the instant case the rent actually received by the assessee was much higher than the rateable value assessed by the local municipal authorities. Actual rent ought to have been taken into consideration instead of estimating the annual value. 5. The learned CIT(A) observed that the impugned property was assessed to municipal property tax and the annual value as assessed by the municipal authorities having been less than the annual rent received by the assessee, There is no need for estimating the rent on notional basis, particularly in view of the fact tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered by the ITAT "H" Bench, Mumbai in assessee's own case for A.Y. 2004-05 (ITA No. 4229/Mum/2008 dated 9th September, 2010) wherein the Bench took into consideration the provisions of section 23(1)(a) of the Act and observed that when the actual rent received is more than the municipal rateable value further addition cannot be made by taking into consideration the interest component on the interest free deposit, while computing the annual value under section 23(1)(a) of the Act. For assessment years 2005-06 and 2006-07 (ITA No. 2347 2348/Mum/ 2010 dated 25th February, 2011) also the ITAT "A" Bench Mumbai considered the same issue and after elaborately referring to provisions of section 23(1)(a) of the Act the Bench concluded, in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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