What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and restored the issue to the Assessing Officer. The Assessing Officer was directed to determine the annual letting value in line with the Hon'ble Bombay High Court's decision in the case of Tip Top Typography.

The assessee appealed an order concerning the determination of the annual letting value of a property. Both parties agreed to restore the matter to the Assessing Officer.

What were the issues?

The primary issue was the determination of the annual letting value of the property let out by the assessee.

Multiplex Collapsible Tubes Ltd vs ACIT | ITAT Mumbai 2016

Income Tax Appellate Tribunal, “G” Bench, Mumbai

For Respondent: Shri Maurya Pratap

Hearing: 12.7.2016Pronounced: 20.7.2016

The appeal filed by the assessee is directed against the order dated 25.10.2010 passed by learned CIT(A)-12, Mumbai and it relates to A.Y. 2007- 08.

The only issue urged in this appeal relates to determination of annual letting value of the property let out by the assessee.

At the time of hearing, both the parties have agreed that the matter may be restored to the file of the Assessing Officer with the direction to determine the annual letting value in accordance with the decision of Hon'ble Jurisdictional High Court rendered in the case of Tip Top Typogrphy (2014) 368 ITR 330 (Bom). Accordingly, we set aside the order of learned CIT(A) and restore the issue to the file of the Assessing Officer with the direction to determine the annual letting value in accordance with the decision of Hon'ble Bombay High Court referred above.

2 Multiplex Collapsible Tubes Ltd.

In the result, appeal filed by the assessee is treated as allowed for statistical purposes.

Order has been pronounced in the Court on 20.7.2016

MULTIPLEX COLLAPSIBLE TUBES LTD,MUMBAI vs. ASST CIT 6(3), MUMBAI

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