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TMI Blog1980 (3) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 the Appellate Tribunal held that for the purposes of s. 22 of the I.T. Act, 1961, the annual letting value of the house be fixed at Rs. 14,000. Aggrieved by this finding, this reference has been made at the instance of the assessee. It appears that the assessee constructed a house in Tilak Nagar, Kanpur. Taking into consideration the investment made by the assessee as well as the likely return, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of about 7% is taken on the investment made by the assessee, the annual letting value in round figures would be taken at Rs. 14,000. Accordingly, the annual letting value taken by the Appellate Assistant Commissioner is substituted for the same figure." The figure of Rs. 8,700 was the annual letting value determined by the municipal authorities. The assessee was relying upon it. It appears th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 973] 92 ITR 137. That case is distinguishable. There, the municipal authorities determined the annual letting value at Rs. 18,000, though they were aware of the fact that the building was let out on an annual rent of Rs. 33,000. They took into consideration various circumstances and relevant factors such as the prevailing rent in the area and what a similar building of the same nature would fetch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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