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TMI Blog1985 (5) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... has been let out to corporation bank on a monthly rent of Rs. 600. But, the assessee is occupying the same house as manager of the bank. In other words, the bank has become the assessee's tenant and the assessee is occupying his own house as a sub-tenant of the bank which has provided rent-free accommodation to him as its employee. As a result of this arrangement, the assessee came to be assessed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out the property. Once the property is let out, it cannot be said that the assessee is occupying it. His occupation is in the capacity of a sub-tenant. Therefore, the provisions of section 23(2) are not applicable. He pleaded that the order of the AAC should be reversed. The learned counsel for the assessee, on the other hand, submitted that the revenue is bringing in extraneous conditions for all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable : Provided that where the property is in the occupation of a tenant, the taxes levied by any local authority in respect of the property shall, to the extent such taxes are borne by the owner, be deducted in determining the annual value of the property." Section 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property had been let'. It is clear from the facts of the case that the assessee had let out the building. The bank, the employer, has provided him with a rent-free residence. Assuming that the bank had taken on lease some other house and allotted it to the manager, the employee would still be assessed on the perquisite. The fact that the employee happens to be the owner of the building which ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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