2002 (8) TMI 47

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.....--The question referred to us at the instance of the assessee is: "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the receipts from service charges are liable to be assessed as income from 'other sources' and not 'income from house property'?" The assessee owned a plot known as "Dhun Building" at Mount Road, Madras, which had been le....

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....on further appeal, restored the order of the Assessing Officer. Section 22 of the Income-tax Act, 1961, deals with income from house property which is to be computed with reference to the annual value of the property. The mode of determining that annual value is set out in section 23. Section 23(l)(a) deems annual value of the property to be the sum for which the property might reasonably be ex....

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....n a case where the property is let throughout the year is the actual rent received or receivable by the owner. When the amount of the actual rent received or receivable by the owner is known, that would constitute the basis for determining the annual value and it is that value which will have to form the basis for determining the income from house property and for allowing the deduction from incom....