TaxTMI 
TaxTMI 
1983 (8) TMI 110
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....the actual rent received as against the municipal valuation. 2. The assessee constructed a building consisting of more than two floors. He let out first and second floors of the house to his tow sons at Rs. 400 and Rs. 370 p.m. apart from electricity charges. The Municipal valuation of the entire house was fixed at Rs. 23,250 as against total valuation declared by the assessee at Rs. 17,735. The ....
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....he case specially bearing in mind the municipal valuation. Shri Rao's further grievance has been that the AAC never bothered to give a proper finding on this issue and he went on by the ruling of the High Court. On the other hand, the ld. counsel for the assessee Mr. Dua pointed out the submissions made before the AAC and also the absence of a categorical finding of collusiveness in letting out th....
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....the orders of the authorities below, we are unable to record a finding of lack of bona fides in letting out property of the assessee's sons by the assessee. It may be also remembered that perhaps it is more advisable to let out the property to one's own relation, inasmuch as, they can be easily requested to vacate at a future time. 6. In view of the above findings there is no difficulty in holdin....