2000 (2) TMI 18 - HC - Income Tax

Income From House Property - The short point which arises for consideration in this matter is whether the determination of the annual letting value at Rs. 20,41,776 for the purpose of section 23 of the Act is contrary to the provisions of the Income-tax Act. On the facts it may be mentioned that the Court of Small Causes at Bombay has fixed the standard rent of the premises at Rs. 53,325 per month from March 1, 1982. This evidence, has not been placed on record as indicated by the judgment of the Tribunal dated December 3, 1993, in I.T. Nos. 2882 and 2883 of 1998. In view of the above it is clear that the annual letting value taken into account by the impugned judgment of the Tribunal is without considering the standard rent fixed by the Small Causes Court, which, as stated above, has fixed the standard rent at Rs. 53,325 per month from March 1, 1982. - Under the above circumstances, the appeal is allowed

Summary

The High Court of Bombay allowed the appeal regarding the determination of annual letting value for income tax purposes, remanding the matter back to the Assessing Officer to consider the standard rent fixed by the Small Causes Court. The Tribunal's decision was set aside.