TMI Blog2016 (1) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... S/SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER AND AMARJIT SINGH, JUDICIAL MEMBER Assessee by: Shri Mayur Kisnadwala Department by: Shri K.Ravi Ramachandran O R D E R PER AMARJIT SINGH, JM: This is an appeal against the order passed by the Commissioner of Income Tax (Appeals)-24, Mumbai [hereinafter referred to as the CIT(A) ] dated 02.07.2013 relevant to the A.Y. 2009-10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CIT(A) has erred in law and on the facts in upholding that deemed income from self occupied house property should be calculated on the basis of fair market value instead of Municipal Rateable Value. 3. The learned CIT(A) ought to have held that the property of the assessee is subject to Rent Control Act and hence fair market value cannot be considered as notional rent for determining deeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 21A exceeded to the Municipal Valuation of the property as adopted by the Municipal Authorities. It is not disputed that the assessee purchased the said property by virtue of agreement dated 11.11.2008 and also took the possession of the property in December 2008. He holds the flat for four months and this year of the assessee s share in the said flat as stated to be 79%. The Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also not disputed that the assessee took possession of his second flat on 19.10.2011 and he was having shares @79%. The said flat was not let out to anyone. Assessing Officer assessed the income from the said house property on the basis of actual rates prevailing in the area @ ₹ 79/- per sq.ft. and assessed the income of the assessee in accordance with the shares of the assessee @ 79% per m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not liable to be sustainable in the eyes of law therefore we set aside the order in question dated 02.07.2013 and restored the file before Assessing Officer to adopt the Municipal Value /Rateable Value adopted by the Municipal Authorities to assess the income of the disputed flat in question in accordance with the share of appellant. 7. In the result, the appeal of the assessee is hereby allow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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