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TMI Blog2002 (2) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... questions for the opinion of this court "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the market value of the property 'Himmanshu Bhawan' should be determined by applying a multiple of ten to the net annual value? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in allowing a deduction of Rs. 50,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner reduced the multiplier to two of the net rent. In appeal before the Tribunal, the Tribunal has applied ten times the net annual rent. Mr. Ranka, learned counsel for the assessee, brought to our notice that while valuing the building even the eight times multiplier be taken as just and reasonable in case of CIT v. Smt. Vimlaben Bhagwandas Patel and Smt. Kamlaben Kanjibhai Patel [1979] 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of section 3(1) read with section 13 of the Voluntary Disclosure of Income and Wealth Act, 1976. The fact in the case in hand is that the assessee has disclosed Rs. 50,000 under the voluntary disclosure scheme and claimed deduction of Rs. 50,000 out of the value of the house in question. Clause (c) of sub-section (1) of section 13 of the Voluntary Disclosure of Income and Wealth Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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