9911796707
TMI Blog1980 (3) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... to the ture of 1/3rd each in the immovable property, a three storied R.C.C. building standing on a lease-hold of I K 20 L convened by Patta No. 156 (New)/452 (Old) under Dag No. 2559 of Ulubari Mouza, situated at the junction of N.B. Road and G.S. Road, Panbazar, Gauhati. The land on which the immovable property three storied R.C.C. building stands was leased out as on 30th June, 1964 to the appellants assessees as leases by one Sk. Md. Muhassin. At the time of lease, there was a very old two storied structure of the Assam type which was roofed with C.I. sheets, the said old structure having been raised in the year 1937. The lease money fixed was Rs. 6,000 per annum and the duration of the lease was 99 years. 3. The assessees renovated, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6000 in lieu of 'Municipal Tax', statutory allowance for repairs amounting to 1/6th of the gross rent, urban tax and lease money. The WTO did not allow deduction in respect of collection charges since he was of the view that the assessees have never claimed that deduction in their Income-tax returns. The net resultant rental figure was taken as the base and a multiple of 14.741 was applied, the subject-matter was assessed at a value of Rs. 7,31,433. The share of each of the co-owners i.e. each of the assessee worked out to Rs. 2,43,811. The WTO has taken the multiple of 14,741 being the multiple as has been applied and taken by the approved Valuer who has valued the subject-matter in the case of the assessees. 5. The assessees being aggri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts that, (i) the property, the subject-matter of a valuation, is a large one and as such has limited number of buyers in the open market, (ii) the return from the subject-matter is un-secured since the rents are on contract basis, (iii) that in view of high rates of wealth-tax and additional wealth-tax on urban property, large properties of the nature as was the subject-matter, did not command much demand, (iv) that the subject-matter was co-owned by three Co-owners and this fact should be given due weightage and that a capital investment like the immovable property cannot be compared with a liquid asset like shares, National Savings Certificates, Debenture etc. etc., as such the valuation of the immovable property has to be valued in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation in respect of the subject-matter in appeals before us should be at Rs. 72,600 with details as under: "Gross annual rent receiving from Rs. 48,600 Gross annual fair rent from self occupied dwelling portion of SF and portion of SF Rs. 10,800 Gross annual fair rent from self occupied shop in GF Rs. 13,200 . Rs. 72,600" 11. The gross rental income in respect of self occupied portion of dwelling house is shown at Rs. 10,800 while Rs. 61,800 represent gross rental income in lieu of rent receipt from tenants and fair rental value of the self-occupied portion of the property since used by the assessees as their business purposes, as such for allowing exemption under s. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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