TMI Blog2014 (8) TMI 1002X X X X Extracts X X X X X X X X Extracts X X X X ..... uch higher - Held that:- As the assessee fairly admitted before us that no evidence was filed before the Assessing Officer regarding rateable value fixed by the Municipal Authorities. Therefore, we set aside the order of the learned CIT(A) and remit the matter back to the file of the Assessing Officer with direction to verify the rateable value fixed by the Municipal Authorities and if the same is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer that the ratable value fixed by the Municipal Authorities was ₹ 39,573/per annum whereas the actual rent received under section 23(1)(b) was ₹ 30,000/per month i.e. annum which is much higher. Therefore, only actual rent received amounting to ₹ 3,60,000/under section 23(1)(b) should have been assessed as income from house property. 16. The learned counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g our further Appellate power. Even the Municipal Valuation is not on record. In the event, the Assessing Officer has the same with him or other material referred by us in our judgment which reflects the true or fair market value and he is satisfied that the parties have suppressed the same, he has also all options in law and to apply our judgment. In such circumstances, today in the absence of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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