Tribunal held that adopting the annual rental value fixed by the municipality as the basis for making the disallowance under section\u00a040A(2)(b)\u00a0of the Act was not correct in the context of the provisions of section\u00a040A(2)(b)\u00a0of the Act. What was important under the provision was the excessiveness of expenditure having regard to the fair market value. Since neither the Assessing Officer nor the Commissioner (Appeals) had examined the fair market value of rent for the building in question, the issue needed to be remanded to the Assessing Officer for consideration afresh. The assessee was to furnish evidence to establish the fair market value of the rent for the building in question and the Assessing Officer was to examine the claim in accordance with law, after affording the assessee opportunity of being heard.( AY.2015-16)<\/p>\n
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