TIVOLI INVESTMENT and TRADING CO. PVT. LTD. vs ASST. COMMISSIONER OF INCOME-TAX CIRCLE-4(2) MUMBAI and ANR.

Neeta Sawant ITXA-5-2004-62-2004-FC IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 5 OF 2004 WITH INCOME TAX APPEAL NO. 62 OF 2004 Tivoli Investment & Trading Co. Pvt. Ltd. ….Appellant : Versus : The Assistant Commissioner of Income-tax and another ….Respondents Mr. Nitesh Joshi i/b Mr. Atul K. Jasani, for the Appellant-Assessee. Dr. Dhanalakshmi S. KrishnaIyer with Mr. P. A. Narayanan, for the Respondent-Revenue. CORAM : ALOK ARADHE, CJ. & SANDEEP V. MARNE, J. RESERVED ON : 7 AUGUST 2025. PRONOUNCED ON : 18 AUGUST 2025. JUDGMENT: (Per Sandeep V. Marne, J.) 1) The issue involved in these two Appeals is whether it is permissible for the Assessing Officer to determine annual value of the property for the purposes of taxation under Section 22 of the Income Tax Act, 1960 (the Act) higher than the rateable value determined under the Municipal laws. The issue arises in the light of challenge raised by Page No.1 of 27 18 August 2025 Neeta Sawant ITXA-5-2004-62-2004-FC the Assessee to the order dated 30 June 2003 passed by the Income Tax Appellate Tribunal (ITAT) pertaining to the Assessment Years 1990-91 and 1991-92, by which the order