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GOPAL CHOWDHURY, DEEPAK R.SHAH
Deputy Commissioner of Income-tax Circle 2(1) – Appellant
Versus
D. K. Audikeavulu (HUF) – Respondent
Per Deepak R. Shah Accountant Member. - This appeal by revenue is directed against the order of learned CIT(A)-VI, Bangalore dated 28-1-2002.
2. The assessee is an individual and is receiving property income and also share from partnership firms. The first issue in appeal is against determination of Annual Lettable Value (ALV) of property at Nungambakam, High Road, Chennai. The assessee declared the ALV at Rs. 60,000. The Assessing Officer held that the super built-up area of the property is 940 sq. feet. He adopted Rs. 10 per sq.ft. as monthly rent and, accordingly, ALV was determined. Learned CIT(A) held that the estimation by Assessing Officer is not based on any supporting evidence and hence ad hoc estimation is not maintainable.
2.1 Learned DR Shri B. Chattaraj submitted that Nungambakam High Road is a centrally located posh area of Chennai. The ALV declared by assessee is a meager sum of Rs. 60,000. Thus, the adoption of ALV at Rs. 10 per sq.ft. as monthly rent is justified.
2.2 Learned counsel for assessee on the other hand submitted that the property is not a let out property. The annual value adopted by Municipal Corporation is a sum of Rs. 10,975. The Municipal Corporat
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