1998 (11) TMI 80

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...., the Tribunal, on an interpretation of section 23 of the Income-tax Act is right in law and fact : (i) in accepting and acting upon the annual value fixed by the municipality and that returned by the assessee? (ii) in holding that the annual value disclosed by the assessee is fair and reasonable ?" The Appellate Tribunal found that the annual letting value returned by the assessee in respect of the properties owned by him in Alleppy Municipal Town is as under :          "Annual letting value returned            Asst yrs.                   &nbs....

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..... As per the municipal valuation, the annual value is Rs. 13,560. Therefore, it has been contended that the Deputy Commissioner of Income-tax (Appeals) was not justified in fixing the annual letting value in this case at Rs. 36,000 for the assessment years under consideration. 4. We find that the annual letting value returned by the assessee for the years under consideration is more than the annual value fixed by the municipality. We, therefore, accept the annual letting value returned by the assessee for the years under consideration . . . .". It is not disputed, nor can it be disputed, as the Appellate Tribunal found it as a fact, that for the assessment. year 1983-84 the assessee himself declared the annual letting value at Rs. 46,....