1998 (11) TMI 80

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..... section 23 of the Income-tax Act is right in law and fact : (i) in accepting and acting upon the annual value fixed by the municipality and that returned by the assessee? (ii) in holding that the annual value disclosed by the assessee is fair and reasonable ?" The Appellate Tribunal found that the annual letting value returned by the assessee in respect of the properties owned by him in Alleppy Municipal Town is as under :          "Annual letting value returned            Asst yrs.                        (Rs.)    &nbs .....

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..... 60. Therefore, it has been contended that the Deputy Commissioner of Income-tax (Appeals) was not justified in fixing the annual letting value in this case at Rs. 36,000 for the assessment years under consideration. 4. We find that the annual letting value returned by the assessee for the years under consideration is more than the annual value fixed by the municipality. We, therefore, accept the annual letting value returned by the assessee for the years under consideration . . . .". It is not disputed, nor can it be disputed, as the Appellate Tribunal found it as a fact, that for the assessment. year 1983-84 the assessee himself declared the annual letting value at Rs. 46,441. No doubt, for the years under appeal the assessee declared th .....

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..... letting value went on decreasing in the next following years, we see no good reason to differ from the observation made by the Assessing Officer. The Tribunal grossly erred in referring to irrelevant material, that is, the annual value fixed by the municipality. According to the Assessing Officer, the annual letting value being in the ascending order in the next following years to the assessment year 1983-84, we are of the view that the Assessing Officer was right in taking the annual letting value as declared by the assessee himself for the assessment year 1983-84. The inference drawn by the Tribunal on the facts, as stated above, is surely against the canon of appreciation of evidence. In the result, the above question is answered in th .....

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