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TMI Blog2004 (8) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... of which the assessee is a partner? 2. Whether the Income-tax Appellate Tribunal is legally correct in holding that reversionary value of land cannot be included while valuing the immovable property by capitalizing net annual value?" - We answer question No. 1 in the negative, i.e., in favour of the Revenue and against the assessee and we answer the second question in the affirmative, i.e., in fav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apitalizing net annual value?" Briefly stated the facts giving rise to the present references are as under: The respondent in W.T.R. No. 119 of 1985 is Dalpat Singh, whereas in W.T.R. No. 120 of 1985 the respondent is Ajit Singh and in W.T.R. No. 137 of 1985 the respondent is Abhay Singh. All of them are partners in M/s. Jaswant Picture Palace, Agra, which owns a cinema hall known as Jaswant C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer had held that there were several shops and the assessee can get exemption in respect of one shop only. When the matter came before the Appellate Assistant Commissioner, he held that the assessee is entitled to full exemption under section 5(1)(iv) of the Act and regarding the valuation of the property it was found that the value was adopted on the basis of the capitalization of the net an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing and the market cannot by any stretch of imagination be held as a house. This court in the case of CIT v. Jai Kishan Gupta [2003] 264 ITR 482 has held that in common parlance a house is a place where people live. Of course a residential building can also be given for commercial purposes yet it will remain a house. However, by no stretch of imagination can a cinema hall be regarded as a house an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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