| The Tax Publishers2021 TaxPub(DT) 0975 (Mum-Trib) INCOME TAX ACT, 1961
Section 23
Where consistent view of Tribunal in all earlier years was that municipal rateable value (MRV) was to be taken as Annual Rental Value and nothing was on record to demonstrate that any of aforesaid adjudication had subsequently been reversed in any manner, thus, following the consistent view of Tribunal in earlier years in assessee's own case, AO was directed to adopt the MRV as Annual Letting Value, hence, appeal of assessee was allowed.
|
Income from house property - Annual value - Vacant flats - Determination of ALV on the basis of Municipal Rateable Value
The assessee owned 19 flats out of which 7 flats were lying vacant during the year whereas remaining flats were let out. The assessee offered aggregate income against the vacant flats at Rs. 1.26 Lacs on the basis of municipal rateable value. However, AO, applying the provisions of section 23(1)(a) opined that the annual value shall be deemed to be the sum for which the property might reasonably be expected to let out from year to year. Therefore, the municipal value was not to be taken as fair ALV of the property. Held: The consistent view of the Tribunal in all the earlier years is that municipal rateable value was to be taken as Annual Rental Value. Nothing is on record to demonstrate that the any of the aforesaid adjudication has subsequently been reversed in any manner. Therefore, the distinction of facts as made by Commissioner (Appeals) was not to be accepted.
Followed :Pr. CIT v. Harsh Jain 2019 TaxPub(DT) 1145 (Bom-HC), Pr. CIT v. Laxmi Jain [Income Tax Appeal No. 1285 of 2015, dt. 16-4-2018], CIT v. Tip Top Typography (2014) 368 ITR 330 (Bom) : 2014 TaxPub(DT) 3370 (Bom-HC), CIT v. Smt. Smitaben N. Ambani v. CWT (2010) 323 ITR 104 (Bom) : 2010 TaxPub(DT) 304 (Bom-HC), Dy. CIT v. Anand Jaikumar Jain [ITA No. 6836/Mum/2017, ITA No. 442/Mum/2018, ITA No. 428/Mum/2018, ITA No. 550/Mum/2018, ITA No. 6838/Mum/2017, ITA No. 443/Mum/2018, ITA No. 435/Mum/2018, ITA No. 540/Mum/2018, dt. 27-2-2019], Anand Jaikumar Jain v. Asstt. CIT [ITA No. 3887/Mum/2017, ITA No. 3665/Mum/2017, dt. 7-12-2018], Anand Jaikumar Jain v. DCIT [ITA No. 4243/Mum/2014, ITA No. 3830/Mum/2014, dt. 2-8-2016] and Anand Jain v. Dy. CIT [ITA Nos.2707, 2708 & 2709/M/2013, dt. 17-4-2015].
REFERRED :
FAVOUR : Partly in assessee's favour.
A.Y. : 2015-16
IN THE ITAT, MUMBAI BENCH
 SUBSCRIBE FOR FULL CONTENT
|