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2016 (11) TMI 724 - KERALA HIGH COURT

2016 (11) TMI 724 - KERALA HIGH COURT - TMI - Income from house property - Annual value estimation u/s 23 - assessee contended that Section 23 (1) cannot be applied to this case for the reason that the coowners themselves are the Directors of the lessee company - Held that:- Admittedly the property is owned by the co-owners themselves, who are also the Directors of the lessee company which has established the Hospital. As per the lease agreement between the co-owners and the lessee company, the .....

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s framed the assessment by fixing the annual value at ₹ 4 per sq.ft. which is the rate of rent received for a portion of the building let out by the assessees themselves to the Telephone Department. - Assessee's contention that Section 23 (1) cannot be applied to this case for the reason that the coowners themselves are the Directors of the lessee company cannot be accepted for the reason that Section 23 does not exempt cases in which buildings have been let out by the owners to firms .....

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sessing Officer. - Decided aganist assessee - I.T.A.Nos.443, 527, 528 & 765 of 2009 - Dated:- 9-8-2016 - ANTONY DOMINIC & DAMA SESHADRI NAIDU, JJ. FOR THE APPELLANT : ADVS.SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX JUDGMENT Antony Dominic, J. These appeals are filed by the Revenue, aggrieved by the orders passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.A.Nos.201, 200, 203 and 202 of 2002, pertaining to the assessment year 1996-1997. Respondent .....

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d the annual value of the building at ₹ 4 per sq.ft. on the basis that another portion of the building was let out to the Telephone Department and the rent paid by the Department to the assessees is ₹ 4 per sq.ft. In the appeal filed before the Commissioner Income Tax (Appeals), the order of the Assessing Officer has set aside and this order was confirmed by the Tribunal in the appeals filed by the Revenue. Reasoning of the Commissioner of Income Tax (Appeals) and the Tribunal is tha .....

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onsideration is whether the Tribunal was right in law and fact and holding that there is no scope to apply Section 23(1) of the Income Tax Act, 1961. 3. We heard the Senior Counsel for the Revenue and the learned counsel appearing for the assessees. 4. Relevant part of Section 23(1), as it stood at the relevant time, read thus: Sec.23. Annual Value how determined: (1) for the purposes of Section 22, the annual value of any property shall be deemed to be- (a) the sum for which the property might .....

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the property might reasonably be let out from year to year. Clause (a) would obviously be applicable to a property which is not let out and in such a case, the such sum, for which the property might be reasonably expected to let, shall be the annual value. On the other hand, a reading of Clause (b) would show that where a property is let and the annual rent received or receivable by the owner is in excess of the reasonably expected sum mentioned in Clause (a), the annual value shall be the amoun .....

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