TMI Blog2011 (11) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the said Act) arise out of the common judgment of the Income Tax Appellate Tribunal dated 15.09.2004 passed in ITA No 1242/Del/1997 and ITA No 5266/Del/1998 pertaining to the Assessment Years 1993-1994 and 1995-1996 respectively. The question which arises for consideration in these appeals is as under:- "Whether in the cases where the premises are not regulated by the Delhi Rent Control Act, the reasonable annual letting value of the property for purposes of Section 23 of the Income Tax Act, 1961 can be determined with reference to the standard rent determinable under the Rent Control Act?" 2. The facts in brief are that the assessee had entered into a lease ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputed by the Assessing Officer. Consequently, the Commissioner of Income Tax (Appeals) had deleted the addition of Rs. 22,97,760/- and substituted the ALV by the sum of Rs. 4,88,465/-. 4. Aggrieved by the order of the Commissioner of Income Tax (Appeals) for the assessment year 1993-1994, the assessee filed an appeal before the Income Tax Appellate Tribunal whereas in respect of the assessment year 1995-1996, the Revenue filed an appeal before the Tribunal. Both these appeals, as mentioned above, were decided by the Tribunal by virtue of its common order dated 15.09.2004. 5. We have heard the learned counsel for the parties and we find that the question that has been formulated for our decision stands answered by the Full Bench dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the case of Kashi Prasad Kataruka v. CIT (1975) 101 ITR 810." 7. In view of this decision of the Full Bench in the case of CIT v. Moni Kumar Subba (supra), in the present case, the standard rent cannot be taken as a point of reference for determining the annual letting value of the property in question inasmuch as the same is outside the purview of the Delhi Rent Control Act, 1958. We find that in so far as the assessment year 1995-1996 is concerned, the Commissioner of Income tax (Appeals) has taken the rateable value for determining the annual letting value for the purposes of Section 23 of the said Act. However, in so far as the assessment year 1993-1994 is concerned, this exercise has not been done. Since the position in 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
