When the circumstances under consideration same as last year it is bound to follow the the order of tribunal of previous year

Last updated: 19 July 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Assessee company is deriving income from doing hard chromium plating on textiles, embossing rollers, mirror rollers, machinery parts etc. and rent from its building premises at Worli. Return of income was filed on 26.09.2008 declaring net loss of 1.85 lakhs. Assessment order passed on 22-12-2010 by the Assessing Officer (AO) u/s. 143 (3) of the I.T.Act 1961(Act) determining the total income at Rs.1.55 Crores. Passing the assessment order AO held that the facts and the circumstances of the case under consideration and for the A.Y.2007-08 were identical-including the let out area and the tenants of the property in question. Following the assessment order for the A.Y.2007-08 he invoked the provisions of Sec.23(1)(a) of the Act to determine the taxable rent of the assessee. Accordingly, he assessed taxable property income at Rs. 1,57,64,800/- as against Rs.30,130/- disclosed by the appellant.

Citation :
Income Tax Officer 2(2)(4), 542, Aayakar Bhavan, 5th Floor, M.K. Road, Mumbai – 400 020. (Appellant) Vs. Photogravurs (I) P. Ltd., Sheth Chambers, 1st Floor, 21, Dr. V.B. Gandhi Marg, Fort, Mumbai-400 023. PAN: AAACP 4088L (Respondent)

Daily Limit Reached