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1983 (12) TMI 54 - HC - Income TaxExtract: .......h is to be objectively ascertained on a reasonable basis. The annual value cannot be left to fluctuate when the lease is for a period of five years. We, therefore, answer the reference in the negative, i.e., in favour of the Department and against the assessee. As the assessee has not put in appearance, we leave the parties to bear their own costs.
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