[aaykarbhavan] AO isn't bound to follow municipal valuation of property to determine its Annual Value, rules HC

AO isn't bound to follow municipal valuation of property to determine its Annual Value, rules HC

August 9, 2014[2014] 48 taxmann.com 191 (Bombay)

IT: In order to determine annual value of property, municipal rateable value may not be binding on Assessing Officer but that is only in cases where he is convinced that interest free security deposit and monthly compensation do not reflect prevailing rate and, in such a case, Assessing Officer can himself resort to enquire about prevailing rate in locality

IT: Where a premises is covered by Rent Control Act, Assessing Officer must undertake exercise to fix rent himself in terms of said Act or have it determined by Court or Tribunal and, until then he may not be justified in applying any other formula or method and determine 'fair rent' by abiding with same

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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