1992 (10) TMI 75

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....ntly worded. In respect of the assessment years 1965-66 and 1966-67 (I. T R. No. 74 of 1982), the question of law referred is as follows : " Whether, on the facts and in the circumstances of the case, the Tribunal was legally right in coming to the conclusion that the bona fide annual letting value of the property in question was Rs. 9,133 in the assessment year 1965-66 and Rs. 11,741 in the assessment year 1966-67 ? In respect of the assessment year 1967-68 (I. T. R. No. 71 of 1982),the question of law referred is as follows : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the income from quarters let out to M/s. Modi Spinning and Weaving Mills Co. Ltd. and to outsiders should be ....

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....d in the year 1949 and the Tribunal came to the conclusion that keeping in view the provisions of the U. P. Rent Control Act, it is the actual rent received which could be taxed and not the notional rent arrived at by the Income-tax Officer. The Appellate Assistant Commissioner having allowed the appeals in respect of all the three assessment years, the Department came up in appeal before the Income-tax Tribunal. Following its early decision in the case of Modi Spinning and Weaving Mills Co. Ltd. the Income-tax Tribunal reiterated that under the provisions of the U. P. Rent Control Act, the rent which had been first agreed to be paid by the tenant could not be increased.. The Income-tax Tribunal, therefore, came to the conclusion that th....