1997 (2) TMI 90

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....ections given by this court in T. C. P. Nos. 361 and 362 of 1980, the Tribunal referred the following question for the opinion of this court under section 256(2) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 22 of the Act, the Appellate Tribunal was right in holding that no income from property at No. 54....

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....d that the income from the property should be assessed in the hands of the assessee. Accordingly, the Income-tax Officer computed the annual letting value of the property at Rs. 36,000. The Appellate Assistant Commissioner held that the property in question had been used by the assessee only for the purpose of business and hence the notional income therefrom could not be brought to tax. On the Dep....