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Section 12A in The Income Tax Act, 1961 [Entire Act]
Section 13 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax, Delhi ... vs Moni Kumar Subba on 30 March, 2011
because of certain reasons, the A.O. can take necessary exercise
in that behalf. Hon'ble Delhi High Court in the case of CIT vs.
Moni Kumar Subba (supra), in para-20 has given its conclusion,
reproduced above, in which, it was observed that willingness of
the lessor and lessee shall have to be considered and
extraneous considerations should be avoided. Such annual
letting value, however, cannot exceed the standard rent as per
Rent Control Legislation applicable to the property. If the
standard rent has not been fixed by the Rent Controller, then,
it is the duty of the A.O. to determine the standard rent as per
provisions of Rent Control enactment. The standard rent is
upper limit, if the fair rent is less than the standard rent, then,
it is the fair rent which shall be taken as annual letting value
and not the standard rent. In the present case, the assessee
explained all the facts before A.O. with regard to rent received
and that the property was let out earlier and in the case of lessee
CVT, it is pleaded before ITAT, Mumbai Bench that the rent has
been gradually increased from time to time. This fact has not
been disputed by the Revenue Department. Therefore, the A.O.
22
ITA.No.6177/Del./2014 Vidya Education
Investments Pvt. Ltd., New Delhi.
Rajasthan Rent Control Act, 2001
Sakarlal Balabhai vs Income-Tax Officer, Special ... on 4 November, 1974
), Sakarlal Balabha vs. ITO (1975) 100
ITR 97 (Guj.)
The Companies Act, 1956
Smt. Radha Devi Dalmiya vs Commissioner Of Income-Tax on 14 March, 1980
low as compared to investment in land and construction of the
school. The assessee failed to substantiate ALV shown. The
opinion of M/s. Atharva Land Developer is not qualified to give
report and no basis shown for value of land. No comparable
instances have been found. The Ld. CIT(A) accordingly, applied
8% on the total investment and computed annual letting value
at Rs.3,47,74,073/-. The assessee has shown annual letting
value at Rs.1.80 crores. Therefore, income was enhanced by
Rs.1,67,74,073/-. Ld. CIT(A), in support of his findings relied
upon decision in the case of Smt. Radha Devi Dalmia vs. CIT
(1980) 125 ITR 134 (All.