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2016 (11) TMI 455 - MADRAS HIGH COURT

2016 (11) TMI 455 - MADRAS HIGH COURT - TMI - Reference of matter to the Valuation Officer to ascertain the rent of the building after applying the provisions of Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 - Held that:- The formula contained for fixation of fair rent under the Rent Control Act is, what is now directed to be 'adopted' for the purpose of arriving at a reasonable rental value the property leased out by the assessee would fetch. Instead of leaving any discretion in the h .....

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o And Anita Sumanth, JJ. For Appellant : Mr. V. S. Jayakumar For Respondent : Mr. T. R. Senthilkumar JUDGMENT ( Delivered by Nooty Ramamohana Rao, J ) These Tax Case Appeals have been preferred by the Assessee under Section 260A of the Income Tax Act, 1961 mounting a challenge to the common order passed by the Income Tax Appellate Tribunal 'A' Bench, Chennai, in ITA No.139/Mds/2016, 140/Mds/2016, 141/Mds/2016, 142/Mds/2016 dated 22.04.2016, for Assessment years 2002-03, 2004-05, 2005-06 .....

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al and remanded the matter back for consideration afresh. Thereafter, the matter once again was considered and based upon the report submitted by the Inspector of Income Tax who Conducted enquiries, the rental value has been fixed at ₹ 1,00,000/- per month and after allowing deductions towards Municipal Tax and 30% towards repairs, the annual income has been assessed as ₹ 8,32,728/-. The Assessment Order was passed on 17.12.2007. Aggrieved by that order of assessment, the Assessee pr .....

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ssessee for the Assessment Year 2002-03. Not satisfied with this order, the Assessee went before the Income Tax Appellate Tribunal by way of further appeal, which by its impugned order dated 22.04.2016, while setting aside the orders of both the Assessing Officer and the Appellate Authority, directed the Assessing Officer to examine the issue in the light of the provisions of the Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 and estimated the annual rental income for the assessment yea .....

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e Tax Department. 6. The undisputed fact is that an independent house with a built up area of 2584 sq. ft. in the ground floor and 1564 sq. ft. in the first floor situate on the land of 4 grounds and 210 sq. ft. was purchased by the Assessee and this property is situate at Crescent Street, Arch Bishop Mathias Avenue, Raja Annamalaipuram, in the city of Chennai, where the rental values are fairly high. Though a statement is made that the entire building has not been let out, we are not going into .....

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