Notional rent should be computed on the basis of municipal rateable value

Moraj Building Concepts Pvt. Ltd. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that while computing notional rent, rent should be estimated on the basis of municipal rateable value. Facts- The original assessment order was passed u/s. 143(3). But, these assessments were unabated and a search and seizure action was undertaken in Gurnani Group and the assessee was also covered in the above search proceedings. In the search proceedings certain unaccounted cash receipts were unearthed and merely observed that assessee has huge unsold flats. However, it was noted that there is no incriminating material f...