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2004 (9) TMI 57 - HC - Income TaxFixing the annual letting value of the property - "Whether, Tribunal was entitled to and justified in fixing the annual letting value of the property at Rs. 1,20,000?" - annual rent received or receivable by the owner in respect of the property, if it is in excess of the sum for which the property might reasonably be expected to be let out, shall be the annual value. In the present case, the Lucknow Bench of this court had directed the tenants to deposit a sum of Rs. 10,000 p.m. towards the use and occupation of the property in question. Thus, it can safely be held that the property has been let out for a sum of Rs. 10,000 p.m. and, therefore, the annual letting value fixed by the Tribunal at Rs. 1,20,000 is justified.
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