2005 (2) TMI 78

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....in law in deleting the income from property known as 'Jadhav Bungalow?" The assessment years are 1980-81, 1981-82, 1982-83 and 1984-85 in Income-tax Reference No. 42 of 1993 and 1979-80 in Income-tax Reference No. 335 of 1993. Heard Mr. M.R. Bhatt, learned senior standing counsel for the applicant-Revenue in both the matters. Though served, there is no appearance on behalf of the respondent-assessee in Income-tax Reference No. 42 of 1993, while in Income-tax Reference No. 335 of 1993, Mr. B.D. Karia, the learned advocate appears. It is common ground between the parties that, in the impugned orders of the Tribunal, the Tribunal has not assigned any independent reasons, but merely followed its own order dated March 7, 1988, rendered ....

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....possession of the property to the said parties, (D) the said parties had filed a civil suit against Shri Jadav for the said possession of the property or in the alternative to repay the amount which Shri Jadav had received from these parties by December 25, 1969, (E) As Shri Jadav failed to do so, a decree was issued in favour of these parties, (F) Since these parties could not execute the decree, they agreed to transfer the property as well as the decree to a third party agreeable to Shri Jadav, (G) Thereafter, Shri Jadav suggested the name of the assessee to the said parties, (H) On March 31, 1970, the said parties sold the said properties along with the decree obtained by them against Shri Jadav to the assessee, (I) Ever since then the a....

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....ld by learned counsel for the assessee that no remedial action has been attempted to take by the Revenue under section 263 of the Act, perhaps, on the ground that no such income could be estimated from this property. For all these reasons, we hold that the income-tax authorities were not justified in estimating the annual letting value for this property and including the same in the total income of the assessee. We, therefore, delete the said income from the total income of the assessee in each of the years under appeal." The Tribunal has, therefore, applied the law laid down by the apex court in the case of R.B. Jodha Mai Kuthiala v. CIT [1971] 82 ITR 570 (SC), which has been explained and applied in the aforesaid decision in the case o....