1994 (12) TMI 337

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ee, the following two questions have been referred for our consideration : "1. Whether, on the facts and in the circumstances of the case and on true interpretation of section 22 of the Income-tax Act, 1961, the Tribunal was right in holding that what is charged under section 22 is the annual value of the ownership of the property irrespective of the fact whether or not any income was either .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cupation of the owner or leased to a tenant, the basis to arrive at the income is the same, subject to some variations regarding the deductions. Nowhere a different method is provided to arrive at the annual value of the property when it is under the occupation of the owner. As per section 23(1)(a), the annual value of any property shall be deemed to be the sum for which the property might reasona .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n 24(ix) are quite clear and specific. The section provides that the vacancy allowance is permitted only where the property is let out and was vacant during a part of the year. But, when admittedly, the property was never let out, and the owner was in the occupation, this provision will not be attracted. To the same effect is the reasoning of the Supreme Court in the aforesaid decision in Liquidat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X