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C.I.T. versus J.K. BANKERS

High Court of Judicature at Allahabad

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C.I.T. v. J.K. Bankers - INCOME TAX REFERENCE No. 129 of 1990 [2005] RD-AH 542 (25 February 2005)


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Court No.37

Income Tax Reference No.129 of 1990

Commissioner of Income Tax, Kanpur vs. Dr. Gaur Hari Singhania, Kamla Tower, Kanpur.

Hon'ble R.K.Agrawal, J.

Hon'ble Prakash Krishna, J.

The Income Tax Appellate Tribunal, Allahabad has referred the following question of law under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court:-

"Whether on the facts and in the circumstances of the case, the I.T.A.T. was justified in arriving at the opinion that A.L.V. of the property namely ''Ganga Kuti' should be adopted at Rs. 20,000/-?"

The present Reference relates to the Assessment Year 1979-80.

Briefly stated the facts giving rise to the present Reference are as follows:

The respondent is firm, which derives income from property, dividend and interest from money lending business. It owned the property known as Ganga Kuti. The Assessing Authority had adopted the annual letting value of the said property at Rs. 42,040/-. Feeling aggrieved the respondent preferred an appeal before the Commissioner of Income Tax (Appeals) who has held that the annual letting value of the property in question should be taken as Rs. 20,000/- as determined by the Additional District Magistrate (City) which order has been upheld by the Tribunal.

We have heard Sri Shambhoo Chopra, learned standing counsel for the Revenue and Sri R.S.Agarwal, learned counsel for the respondent.

It is not in dispute that the property ''Ganga Kuti' has been let out to three companies. The annual value has been fixed by the Additional District Magistrate (City) at Rs. 20,000/-. Thus, the Tribunal was justified in upholding the order of the Commissioner of Income Tax (Appeals) directing for taking annual letting value at Rs. 20,000/-.

We, accordingly, answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. However, there shall be no order as to costs.




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