Case Law Details
Manoj Tekriwal Vs DCIT (ITAT Mumbai)
Held that property subjected to rent control legislation, however, annual letting value determined without considering the provisions of rent control legislation is untenable in law.
Facts- During the course of assessment proceedings, the assessee was asked to file the details of immovable assets. In reply, the assessee submitted the details of owning 2 flats. As the assessee already has a residential property at Mumbai, therefore, the aforementioned properties were subjected to house property income by the Assessing Officer vide order dated 26/03/2013 passed under section 143(3) of the Act, and income from house property was computed at Rs.1,87,793, after adopting the annual value of the said property at 8% of capital cost.
CIT(A) uphold the the annual value of the aforesaid 2 flats as determined by the AO. Being aggrieved, the assessee is in appeal before the Tribunal.
Conclusion- Hon’ble jurisdictional HC in the case of Smt. Kokilaben D. Ambani v/s. CIT has held that the assessing officer in the cases of the properties, which are subject to Rent Control Legislature cannot ignore the same.
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