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“annual letting value”

Income HeadsSection 23Section 23238 judgments

The decision most relied on for annual letting value is Chennai Properties & Investments Ltd. v. CIT (373 ITR 673), cited in 381 judgments on BharatTax.

Leading authorities on annual letting value

Chennai Properties & Investments Ltd. v. CIT
373 ITR 673 · 2015 · Supreme Court
381
citing judgments

Income from immovable property, such as unsold flats or shops, held by an assessee as stock-in-trade in their business of acquiring and holding properties is taxable as 'business income' and not 'income from house property'. Consequently, notional annual letting value under Section 23 cannot be attributed to such stock-in-trade.

CIT v. Ansal Housing Finance & Leasing Co. Ltd.
354 ITR 180 · 2013 · High Court
208
citing judgments

Annual Letting Value (ALV) of unsold stock-in-trade flats/shops held by a real estate developer can be assessed under Section 22 of the Income Tax Act, 1961, as income from house property. This approach was followed by the Assessing Officer (AO) based on this decision.

CIT v. Tip Top Typography
368 ITR 330 · 2014 · High Court
161
citing judgments

For computing income from house property, the Annual Letting Value (ALV) cannot be arbitrarily estimated by the Assessing Officer, but must be determined based on the Municipal ratable value of the property.

CIT v. Moni Kumar Subba
333 ITR 38 · 2011 · High Court
78
citing judgments

Notional interest on an interest-free security deposit cannot be considered as actual or deemed rent under Section 23(1) of the Act. For determining Annual Letting Value (ALV) under Section 23(1)(a), it must be in accordance with municipal laws, considering extraneous circumstances, but not exceeding the standard rent as per rent control legislation.

CIT v. Bhaskar Mitter
73 Taxmann 437 · 1994 · High Court
52
citing judgments

The annual letting value of a property can be determined at a figure lower than that returned by the assessee if the returned value is not in accordance with the principles for determining annual letting value under section 23. Assessees can contend for a value based on the correct application of law.

Smitaben N. Ambani v. CWT
323 ITR 104 · 2010 · High Court
44
citing judgments

The annual value of a self-occupied property, for both wealth tax and income tax purposes, is the reasonable rent expected from a hypothetical tenant. When using municipal ratable value, statutory deductions permissible under municipal law must be added back to arrive at this expected rent.

Premsudha Exports (P.) Ltd. v. ACIT
110 ITD 158 · 2008 · ITAT
41
citing judgments

For the purpose of computing income from house property, the annual value under Section 23 must be determined even if the property is vacant or not actually let out, as the statutory phrase "property is let out" does not necessitate actual letting.

CIT v. Sane & Doshi Enterprises
377 ITR 165 · 2015 · High Court
38
citing judgments

Rental income from unsold property held by a real-estate developer is assessable under the head 'Income from House Property' and not as 'Business Income'. The treatment in books of account as stock-in-trade does not alter the income's character for tax purposes.

Judgments citing annual letting value

Vijay Kishin Bhatia, Mumbai vs. Office of the Income Tax Officer Ward 14(1)(4), Mumbai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1274/MUM/2023[2017-2018]Status: DisposedITAT Mumbai24 Aug 2023AY 2017-2018

Bench: Shri Pavan Kumar Gadalevijay Kishin Bhatia, Vs. Ito, Ward 14(1)(4) 201,Golden Tower, Room No. 203, 2Nd 12Th Road, Khar West, Floor, Aayakar Mumbai-400052. Bhavan, Mk Road, Mumbai-400020. Pan/Gir No. : Agnpb5248C Appellant .. Respondent Appellant By : Shri. Manoj Pandit.Ar Respondent By : Ms. R.M. Brindha.Dr Date Of Hearing 22.08.2023 Date Of Pronouncement 23.08.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of National Faceless Appeal Centre (Nfac), Delhi/ Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

For Appellant: Shri. Manoj Pandit.ARFor Respondent: Ms. R.M. Brindha.DR
Section 143(2)Section 143(3)Section 23(5)

stock-in-trade and as per the provisions of Sec. 23(5) of the income tax Act, the A.O has computed the notional annual letting value of flats and allowed the deduction U/sec24 of the Act and finally assessed the total income of Rs. 2,78,460/- and passed ... Heard the rival submissions and perused the material on record. On the first disputed issue, where the A.O has computed the notional annual letting value of flats held as stock-in-trade flats. The Ld. AR emphasized that the amendment in the Finance Act 2018 is effective from

Shivani Madan, New Delhi vs. ACIT Central Circle-05, New Delhi

In the result, the both the appeals of assessee are dismissed

ITA 657/DEL/2021[2016-17]Status: DisposedITAT Delhi18 Aug 2023AY 2016-17

Bench: Shri Chandra Mohan Garg & Dr. B.R.R. Kumar

For Appellant: Shri Sahil Sharma, AdvFor Respondent: Shri Amitabh Kumar Sinha, CIT(DR)
Section 132Section 153ASection 22Section 23(1)(a)Section 24a

section 23(1)(a) of the Act. Since the assessee did not provide any expected reasonable rent of the property, he assessed the annual letting value at 8% of the cost of property as shown in the sale deed and computed income from house property as under: Value of property ... estimating the rent, the rate of interest on cost of building and land may provide a reasonable basis for determining the annual letting value of property, more particularly when the property is occupied by the owners themselves or by their close relatives. It was held that in view

Shivani Madan, New Delhi vs. ACIT Central Circle-05, New Delhi

In the result, the both the appeals of assessee are dismissed

ITA 498/DEL/2021[2017-18]Status: DisposedITAT Delhi18 Aug 2023AY 2017-18

Bench: Shri Chandra Mohan Garg & Dr. B.R.R. Kumar

For Appellant: Shri Sahil Sharma, AdvFor Respondent: Shri Amitabh Kumar Sinha, CIT(DR)
Section 132Section 153ASection 22Section 23(1)(a)Section 24a

section 23(1)(a) of the Act. Since the assessee did not provide any expected reasonable rent of the property, he assessed the annual letting value at 8% of the cost of property as shown in the sale deed and computed income from house property as under: Value of property ... estimating the rent, the rate of interest on cost of building and land may provide a reasonable basis for determining the annual letting value of property, more particularly when the property is occupied by the owners themselves or by their close relatives. It was held that in view

Assistant Commissioner of Income Tax (Central Circle-2), Raipur vs. Shri Vikas Kumar Fatehramka, Pandri

In the result the appeal of the Revenue is allowed

ITA 77/RPR/2022[2018-19]Status: DisposedITAT Raipur17 Aug 2023AY 2018-19

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.77/Rpr/2022 (Assessment Year: 2018-19) The Assistant Commissioner – Shri Vikas Kumar Fatehramka Pvt. Ltd., Of Income Tax, Vs Prop. Goyal Sales, Central Circle -2, Raipur. Behind Mata Garage, Near Jai Bhole Complex, Pandri, Raipur (C.G.) Pan No. : Aadpf 2412 Q (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) राजस्व की ओर से /Revenue By : Shri Satya Prakash Sharma. Sr. निर्धारितीती की ओर से /Assessee By : Dr Shri Ravi Agrawal, Ca सुनवाई ाई की तारीख / Date Of Hearing : 01/08/2023 घोषणा की तारीख/Date Of Pronouncement : 17/08/2023

For Appellant: DR Shri Ravi Agrawal, CAFor Respondent: Shri Satya Prakash Sharma. Sr
Section 115Section 115BSection 133A

No.8 of the said order, which is extracted as under: 8. The controversy raised in the second question is as to whether the annual letting value of the property determined by the Tribunal could be a figure lower than that returned by the assessee. The principles for determining the annual ... income, is not taxable in law. The Tribunal, therefore, in our view did not commit any error in directing to fix the correct annual letting value of the premises in question, in accordance with the provisions of s. 23 of the said Act with reference to the municipal valuation, although

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1825/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

flats of Rs.54,41,25,101/-. So he issued notice to the assessee calling upon the response from it as to why the Annual Letting Value (ALV) of the finished properties which was held in stock should not be assessed under the head “income from house property” as per section ... A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee Evershine Joint Venture property assessable under the head 'income from house property and computed notional annual letting value on such unsold flats placing reliance on the decision in the case of Ansal Housing Finance & Leasing Co. Ltd. (supra). The action

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1824/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 Jul 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

flats of Rs.54,41,25,101/-. So he issued notice to the assessee calling upon the response from it as to why the Annual Letting Value (ALV) of the finished properties which was held in stock should not be assessed under the head “income from house property” as per section ... A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee Evershine Joint Venture property assessable under the head 'income from house property and computed notional annual letting value on such unsold flats placing reliance on the decision in the case of Ansal Housing Finance & Leasing Co. Ltd. (supra). The action

DCIT Central Circel-2(4), Mumbai vs. Rustomji Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1349/MUM/2022[2013-2014]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-2014

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

flats of Rs.54,41,25,101/-. So he issued notice to the assessee calling upon the response from it as to why the Annual Letting Value (ALV) of the finished properties which was held in stock should not be assessed under the head “income from house property” as per section ... A.Ys. 2013-14, 2014-15 & 2016-17 Rustomjee Evershine Joint Venture property assessable under the head 'income from house property and computed notional annual letting value on such unsold flats placing reliance on the decision in the case of Ansal Housing Finance & Leasing Co. Ltd. (supra). The action

Mitsu Praful Doshi, Surat vs. The Principal Commissioner of Income Tax - 1, Surat

In the result, the grounds of appeal raised by the assessee are allowed

ITA 232/SRT/2023[2018-19]Status: DisposedITAT Surat31 Jul 2023AY 2018-19

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Physical Court) Mitsu Praful Doshi, Pr.C.I.T., 3Rd Floor, Jalnidhi Complex, Opp. Surat-1, Vs. Bahumali Building, Nanpura, Surat. Surat-395001. Pan: Afmpd 4450 N Appellant Respondednt

Section 143(3)Section 23Section 24Section 254(1)Section 263

crores but the assessee has offered rental income of Rs. 43,400/- after claiming standard deduction under Section 24(a) of the Act. Annual letting value (ALV) is required to be determined in accordance with Section 23 of the Act by taking into account, only rent 2 Mitsu Praful Doshi

Crescent Chemicals, Mumbai vs. The Deputy Commissioner of Income Tax 22(1), Mumbai

In the result, the appeal by the assessee is allowed for statistical purposes

ITA 1266/MUM/2023[2012-2013]Status: DisposedITAT Mumbai14 Jul 2023AY 2012-2013

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Sumit MantriFor Respondent: Shri Ashok Kumar Ambartha
Section 142(1)Section 143(2)Section 143(3)Section 23Section 250

consider the various decisions rendered by Honorable ITAT, Mumbai that the Maintenance charges paid to the Society is an allowable deduction while computing Annual Letting Value. 3. The appellant craves leaves to add, to delete or amend any of the above grounds of appeal at the time of hearing ... only dispute raised by the assessee is against the disallowance of the deduction of society charges paid for let-out property while computing annual letting value. 4. The brief facts of the case as emanating from the record are: The assessee is a firm and is engaged in the business

Madhabi Puri Buch, Mumbai vs. CIT (Appeals) 55, Mumbai

In the result, the appeals filed by both the assessees are allowed

ITA 644/MUM/2023[2013-14]Status: DisposedITAT Mumbai18 May 2023AY 2013-14

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

Section 143(3)Section 154Section 22Section 23Section 23(1)(a)Section 23(1)(c)

that the impugned property qualifies as “rented property”. Since it remained vacant for whole of the year, the Ld A.R submitted that the Annual letting value should be determined as NIL as per sec. 23(1)(c) of the Act. On the contrary, the Ld D.R supported the orders passed ... heard the parties and perused the record. The determination of Annual letting value is governed by the provisions of sec. 23 of the Act, which reads as under:- "23. Annual value how determined.— (1) For the purposes of section 22, the annual value of any property shall be deemed

Besto Electronics Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2924/DEL/2017[2001-02]Status: DisposedITAT Delhi28 Apr 2023AY 2001-02

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

For Appellant: Sh. B. K. Anand, ARFor Respondent: Sh. Kanv Bali, Sr. DR
Section 154Section 22Section 244ASection 246A

accrue to the assessees as income in one financial year since the income from the property is taxed on the basis of annual letting value whereas the tax is deducted at source on the entire amount of advance rent pertaining to more than one financial year. Therefore, credit for entire

The Asstt. Commissioner of Income Tax, Circle -3, Srinagar vs. M/S Jyoti Limited, Srinagar

In the result, the appeal of the revenue bearing ITA No

ITA 612/ASR/2017[2014-15]Status: DisposedITAT Amritsar24 Feb 2023AY 2014-15

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 24Section 250

rent of interest on cost of building and land may provide a I.T.A. No.612/Asr/2017 4 Assessment Year: 2014-15 reasonable basis for determining annual letting value of property. An amount of Rs. 57,79,46,941/- has been spent at the commencement of-the lease agreement with the flagship- company ... total income of Rs.4,29,34,930/-. In this order, addition of Rs.5,70,94,694/- was made on account of alleged notional annual letting value of the property in question under sections 22, 23(1) and 24(a) ofthe Act. By virtue of order, dated

Shivani Madan, New Delhi vs. ACIT Central Circle-05, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1642/DEL/2020[2015-16]Status: DisposedITAT Delhi05 Jan 2023AY 2015-16

Bench: Shri Anil Chaturvedi & Ms. Astha Chandraasstt. Year: 2015-16

For Appellant: Shri Sahil Sharma, AdvocateFor Respondent: Shri H.K. Choudhary,CIT-DR
Section 132Section 153ASection 22Section 23Section 23(1)(a)Section 24aSection 250

section 23(1)(a) of the Act. Since the assessee did not provide any expected reasonable rent of the property, he assessed the annual letting value at 8% of the cost of property as shown in the sale deed and computed income from house property as under: 2 Value ... estimating the rent, the rate of interest on cost of building and land may provide a reasonable basis for determining the annual letting value of property, more particularly when the property is occupied by the owners themselves or by their close relatives. It was held that in view

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4082/MUM/2018[2012-13]Status: DisposedITAT Mumbai28 Dec 2022AY 2012-13

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

without any basis. 8. The issue contained in the second ground of the Department's Appeal deals with determination of annual letting value (ALV) of a property. Brief facts are, assessee is the owner of J. K. House property (said premises) and during the previous year relevant to A.Y.2009-10

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4073/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Dec 2022AY 2011-12

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

without any basis. 8. The issue contained in the second ground of the Department's Appeal deals with determination of annual letting value (ALV) of a property. Brief facts are, assessee is the owner of J. K. House property (said premises) and during the previous year relevant to A.Y.2009-10

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4072/MUM/2018[2010-11]Status: DisposedITAT Mumbai28 Dec 2022AY 2010-11

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

without any basis. 8. The issue contained in the second ground of the Department's Appeal deals with determination of annual letting value (ALV) of a property. Brief facts are, assessee is the owner of J. K. House property (said premises) and during the previous year relevant to A.Y.2009-10

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 202/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Dec 2022AY 2009-10

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

without any basis. 8. The issue contained in the second ground of the Department's Appeal deals with determination of annual letting value (ALV) of a property. Brief facts are, assessee is the owner of J. K. House property (said premises) and during the previous year relevant to A.Y.2009-10

Raymond Ltd, Mumbai vs. DCIT (OSD) RG 2(3), Mumbai

Accordingly, the same are dismissed as not pressed

ITA 4322/MUM/2012[2008-09]Status: DisposedITAT Mumbai12 Dec 2022AY 2008-09

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleraymond Limited V. The Addl. Cit– 2(3) New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent C.O. No. 287/Mum/2017 [Arising Out Of Ita No. 2218/Mum/2011 (A.Y. 2007-08)] The Addl. Cit– 2(3) V. Raymond Limited Aayakar Bhavan, M.K. Road New Hind House Mumbai - 400020 Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent M/S. Raymond Limited V. The Dcit – Osd- 2(3) New Hind House, Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai – 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent

Section 14A

2600/M/98, ITA No.257/M/99 & ITA No. 6269/M/99) and this Hon'ble Tribunal by its order dated 22-03-2007 has decided the point of annual letting value in favour of the respondent on the Appeals filed by the Assesse. The Income Tax Department who is the present Appellant had not even ... filed any Appeal against the order of CIT (Appeals). The same issue about the annual letting value had also come up in the following assessment years where this Hon'ble Tribunal followed its earlier orders. In none of those years Income Tax Department filed any Appeal or cross objections against

Raymond Ltd, Mumbai vs. Addl CIT RG 2(3), Mumbai

Accordingly, the same are dismissed as not pressed

ITA 2218/MUM/2011[2007-08]Status: DisposedITAT Mumbai12 Dec 2022AY 2007-08

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleraymond Limited V. The Addl. Cit– 2(3) New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent C.O. No. 287/Mum/2017 [Arising Out Of Ita No. 2218/Mum/2011 (A.Y. 2007-08)] The Addl. Cit– 2(3) V. Raymond Limited Aayakar Bhavan, M.K. Road New Hind House Mumbai - 400020 Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent M/S. Raymond Limited V. The Dcit – Osd- 2(3) New Hind House, Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai – 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent

Section 14A

2600/M/98, ITA No.257/M/99 & ITA No. 6269/M/99) and this Hon'ble Tribunal by its order dated 22-03-2007 has decided the point of annual letting value in favour of the respondent on the Appeals filed by the Assesse. The Income Tax Department who is the present Appellant had not even ... filed any Appeal against the order of CIT (Appeals). The same issue about the annual letting value had also come up in the following assessment years where this Hon'ble Tribunal followed its earlier orders. In none of those years Income Tax Department filed any Appeal or cross objections against

Mora] Finanz Corporation, Navi Mumbai vs. DCIT Central Cirle - 5(2), Mumbai

In the result, appeal filed by the assessee is partly allowed as per above direction

ITA 155/MUM/2022[2012-13]Status: DisposedITAT Mumbai08 Dec 2022AY 2012-13

Bench: Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 142(1)Section 143(2)Section 148Section 22

travesty of justice. 10. We also bring to your honour's kind attention following errors in calculations and law in computing the annual letting value and also in computation of income from house property. a. The letting of the premises is subjected to the provisions of the Maharashtra Rent