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TMI Blog1987 (5) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... e property at 29/IB 30, Armenian Street, Calcutta at Rs. 4,48,925 has been illegal and wrong. (3) For that the learned WTO should not have failed to take into consideration while valuing the immovable property at 29/IB and 30, Armenian Street, Calcutta, the value of the life interest of Smt. Ruby Mitter the daughter-in-law of the settlor in terms with the Deed of Settlement. For that the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 was having life interest in the property. The WTO took gross rent of the property at Rs. 48,000 and after deducting outgoings (not for life interest of Smt. Ruby Mitter) took the net maintainable rent at Rs. 35,914 which was capitalised by him by taking the multiplier at 12.5. He took the value under the said circumstances at Rs. 4,48,925 and allowed exemption of Rs. 1 lakh under s. 5(1)(iv). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pages supported the order of the AAC. The paper book of the assessee included the order of the AAC for the asst. yr. 1978-79, order of the WTO for the asst. yr. 1978-79, order of the ITO for the asst. yr. 1978-79, copy of the Deed of Settlement, order of the WTO for the asst. yr. 1977-78 in the case of Smt. Ruby Mitter and the order of the ITO for the asst. yr. 1981-82 in the case of Smt. Ruby Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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