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Case Law Details

Case Name : Pavel Garg Vs ACIT (ITAT Delhi)
Appeal Number : ITA No. 3606/Del/2018
Date of Judgement/Order : 15/02/2022
Related Assessment Year : 2013-14
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Pavel Garg Vs ACIT (ITAT Delhi)

Annual value of house property cannot be determined on ad-hoc basis when rent realized by assessee in subsequent years is on record

ITAT finds that the AO has computed 10% of the value of investments in house property whereas the ld. CIT(A) reduced the amount to 5% of the value of investments. Both decisions are on ad-hoc basis. The rent realized by the assessee in the subsequent years is on record with all the evidences. Hence, we deem it proper to refer the matter back to the file of the AO to compute the income from house property as per the municipal value in accordance with the provisions of Section 23(1) of the Income Tax Act, 1961.

FULL TEXT OF THE ORDER OF ITAT DELHI

The present appeal has been filed by the assessee against the order of the ld. CIT(A)-20, New Delhi dated 27.03.2018.

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