TaxTMI 
TaxTMI 
2007 (8) TMI 762
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....for the assessment years 1997-98, 1998-99 and 1999-2000 are being disposed of, since common question of fact and law is involved in these three appeals. 2. Brief facts are that the Assessee had declared rental income from Four Storey Building at 39, Community Centre, Zamrudpur, Kailash Colony, New Delhi let out to Group concerns. During the course of assessment proceedings, the Assessing Officer found that the Assessee had not declared rent for basement though the same were occupied by other concerns and as such he computed the Annual Letting Value on the basis of rent declared for First Floor and determined income for house property as against the annual letting value declared for by the Assessee. 3. Aggrieved by the order of the Assessi....
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....rgeable to Income-tax and therefore the Assessing Officer was justified in determining Annual Letting Value at the sum for which the property might reasonably be expected to let from year to year. 6. On the other hand, it has been contended by learned counsel for the assessee that the property owned by the assessee had always been used by it and its sister concerns and after the amendment to the provisions of section 23 of the Act from 1976, the actual rent, if it is in excess of the fair rent, has to be taken as the annual value. 7. Relevant provision of section 23 of the Act as it was then read as under:- "Annual value how determined.-(1) For the purposes of section 22, the annual value of any property shall be deemed to be - (....