Case Law Details
Case Name : CIT Vs Tip Top Typography (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Bombay High Court has explained the law in the case of CIT vs. Tip Top Typography on three issues related to determination of Annual value in calculation of Income from House property:-
(i) whether the municipal valuation of the property was binding on the Assessing Officer
(ii) whether notional interest on interest-free security deposit could be added and
(iii) whether if the property was covered by the Rent Control Act but no standard rent there under, the AO can disregard the standard rent?
In respect of the above Three issues High Court has held as under :-
48] We are not in agreement with...
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This judgement has categorically stated the the Assessing Officer’s discretionary power is to be used with discretion and in any case cannot be autocratic.