TMI Blog1998 (3) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... -86 referring the following questions for each year for the opinion of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law and fact in holding that there was no ground for invoking section 23(1)(a) of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case and also in view of the fact that the observation/f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee let out certain immovable property to Rajadhani Hotels and Tourist Enterprises (P.) Ltd.---a company of which the assessees are the shareholders. The said property was let out at the rate of Rs. 72,000 per annum. The Assessing Officer took the view that the said property is under the occupation of as many as five tenants on behalf of the company which is charging rent from the said te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... between the assessees and the company was not assailed. This is how the Appellate Tribunal held that there was no reason for invoking section 23(1)(a) of the Income-tax Act and estimating the rent. We heard learned counsel for the parties. Learned counsel for the assessees himself submitted before us that the annual value of the property would be determined under section 23(1)(a) of the Act. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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