https://www.taxtmi.com/caselaws?id=334706 The court upheld the Revenue's appeal against the orders of the Income Tax Appellate Tribunal for the assessment year 1996-1997. It held that Section 23(1) of the Income Tax Act must be applied to determine the annual value of a property, even when the property is leased to companies in which the owners have an interest. The court set aside the previous assessments and ruled in favor of the Revenue, determining the annual value of the building based on the higher rent received from the Telephone Department, rejecting the argument that the relationship between co-owners and the lessee company should exempt the application of Section 23(1). en-us Tue, 09 Aug 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334706 The court upheld the Revenue's appeal against the orders of the Income Tax Appellate Tribunal for the assessment year 1996-1997. It held that Section 23(1) of the Income Tax Act must be applied to determine the annual value of a property, even when the property is leased to companies in which the owners have an interest. The court set aside the previous assessments and ruled in favor of the Revenue, determining the annual value of the building based on the higher rent received from the Telephone Department, rejecting the argument that the relationship between co-owners and the lessee company should exempt the application of Section 23(1). Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334706