TMI Blog2007 (12) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... e if placed as a fixed deposit does not arise. - 794 and 998 of 2007 - - - Dated:- 10-12-2007 - MADAN B. LOKUR and DR. S. MURALIDHAR JJ. Ms. Prem Lata Bansal for the appellant. M. P. Rastogi and K. N. Ahuja for the respondent. JUDGMENT The judgment of the court was delivered by 1. DR. S. MURALIDHAR J. - I. T. A. No. 794 of 2007 is an appeal by the Revenue against the judgment dated November 30, 2006, passed by the Income-tax Appellate Tribunal (the Tribunal) Delhi Bench C, New Delhi, in I. 1. A. No. 1266(Del)/2004 for the assessment year 2000-01. I. T. A. No. 998 of 2007 is an appeal by the Revenue against the order dated February 9, 2001, passed by the Tribunal in I. T. A. No. 430(Del)/1998 for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome on such deposits was imaginary and unrealistic. The addition was, therefore,. deleted. Dismissing the further appeal by the Revenue, the Tribunal relied on. its earlier decision in Bharat Hotels Ltd. v. Deputy CIT [1995] 53 lTD 450. (Delhi) as well as the decision of this court in Ravinder Singh v. CIT. [1994] 205 ITR 353 and upheld the order of the Commissioner of Income-tax. 5. As regards the assessment year 1995-96, the Commissioner of. Income-tax concurred with the Assessing Officer but the Tribunal. allowed the assessee's appeal and reversed the decision of the. Commissioner of Income-tax relying upon its order in the case of the assessee. itself for the assessment year 2000-01. 6. Ms. Prem Lata Bansal, learned seni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or 'receivable ; or (c) where the property or any part of the property is let and was vacant during the whole or any part of the previous year and owing to such vacancy the actual rent received or receivable by the owner in respect thereof is less than the sum referred to in clause (a), the amount so received or receivable: Provided that the taxes levied by any local authority in respect of the property shall be deducted (irrespective of the previous year in which the liability to pay such taxes was incurred by the owner according to the method of accounting regularly empl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instant case, the Assessing Officer has determined the monetary value of the benefit stated to have accrued to the assessee by adding a sum that constituted 18 per cent. simple interest on the deposit. On the strength of Ravinder Singh [1994] 205 ITR 353, it must be held that this rules out the application of section 28(iv) of the Act." 10. Section 23(1)(a) is relevant for determining the income from house property and concerns determination of the annual letting value of such property. That provision talks of the sum for which the property might reasonably be expected to be let from year to year. This contemplates the possible rent that the property might fetch and not certainly the interest in fixed deposit that may be placed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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