MUKESH KUMAR AGARWAL,HOWRAH vs. PCIT-21, KOLKATA, KOLKATA
In the result, the appeal filed by the assessee, is allowed
ITA 857/KOL/2017[2012-13]Status: DisposedITAT Kolkata18 Oct 2017AY 2012-13
Bench: Shri N.V. Vasudevan, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.857/Kol/2017 (िनधा"रणवष" / Assessment Year: 2012-13 Mukesh Kr. Agarwal Vs. P.C.I.T – 21, Kolkata 169, A.J.C. Bose Road, 116/1, Girish Ghosh Road, Bamboo Villa, Kolkata – Liluah, Howrah-711204. 700014. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Adapa 7519D (Appellant) .. (Respondent) Appellantby :Shri A. K. Tibrewal, Fca Respondent By :Md. Usman, Cit, Dr सुनवाईकीतारीख/ Date Of Hearing : 17/08/2017 घोषणाकीतारीख/Date Of Pronouncement : 18/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2012-13, Is Directed Against An Order Passed By The Ld. Commissioner Of Income Tax-21, Kolkata, Under Section 263 Of The Income Tax Act, 1961, ( Hereinafter Referred To As The ‘Act’), Dated 03.03.2017. 2. The Assessee Has Raised The Following Grounds Of Appeal: “1. That The Order Passed By Ld. Principal Commissioner Of Lncome Tax - 21, Kolkata Under Section 263 Of The Lncome Tax Act, 1961 Setting Aside The Assessment Order Dated 27Th March, 2015 Passed By The Lncome Tax Officer Under Section 143(3) Of The Lncome Tax Act, 1961 Is Without Jurisdiction, Against Law & Facts Of The Case & Therefore Illegal & Is Liable To Be Quashed.
For Appellant: Shri A. K. Tibrewal, FCAFor Respondent: Md. Usman, CIT, DR
Section 143Section 143(1)Section 143(3)Section 23(4)(b)Section 24Section 263
…fetched by the property at the beginning of the relevant previous year should be considered to represent the annual value of the property. The assessee also relied on the decision of Hon'ble Delhi High Court in the case of CIT vs. Modi Industries Ltd, [1993] 200 ITR 350 (Delhi) and in the case of CIT vs. Modi Spinning & Manufacturing Mills Co. Ltd. [1980] 125 ITR 361 (All.) for the proposition that when the property is subject to statutory control regulations, the actual rent being fetched by the property should prevail as a measure of annual value of the property for the purpose of assessment of income from the…
