2011 (11) TMI 214

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....espectively. The question which arises for consideration in these appeals is as under:-   "Whether in the cases where the premises are not regulated by the Delhi Rent Control Act, the reasonable annual letting value of the property for purposes of Section 23 of the Income Tax Act, 1961 can be determined with reference to the standard rent determinable under the Rent Control Act?"   2. The facts in brief are that the assessee had entered into a lease agreement on 31.01.1990 for letting out 19 flats having a covered area of 16,236 sq. ft. to Usha India Ltd. The assessee charged rent at the rate of rupee 1 per sq. ft. The same came to Rs. 1,94,832/- per annum. The lessee was also required to make an interest free security depos....

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....assessment year 1993-1994, the assessee filed an appeal before the Income Tax Appellate Tribunal whereas in respect of the assessment year 1995-1996, the Revenue filed an appeal before the Tribunal. Both these appeals, as mentioned above, were decided by the Tribunal by virtue of its common order dated 15.09.2004.   5. We have heard the learned counsel for the parties and we find that the question that has been formulated for our decision stands answered by the Full Bench decision of this Court in the case of Commissioner of Income Tax v. Moni Kumar Subba (2011): 333 ITR 38 (Delhi) (FB). In paragraph 4 of the said decision it is held:-   "In a case like this, the standard rent which could be arrived at applying the formula l....