S. 23 : Income from house property-Annual value-Annual value should be restricted to municipal ratable value-Estimate at 6% of cost of value of flat was held to be not justified. [S. 22, 23(1)(c)]

The Assessing Officer adopted 8% of the cost of flat while computing the notional value of the house property. On appeal the CIT(A) restricted to 6 % of the cost of flat. On appeal the Tribunal held that the CIT(A) should not have ignored the ratio laid down by the Jurisdictional High Court in CIT v. Tip TOP Typography (2014) 368 ITR 330 (Bom.)(HC) and accordingly directed to adopt municipal ratable value. (ITA No. 2660 & 2180/Mum/ 2019 dt. 12-7-2021. (AY. 2011 -12 & 2015 -16 )