2002 PTD 1049

Case Laws / Head Notes / Paras

Annual letting value/Basis for determination/Law applicable/-Effect of amendment of S.23 in 1975/-Actual rent will be deemed to be annual value if it is in excess of sum for which property might reasonably be expected to be let/-Indian Income Tax Act, 1961, Ss.2 & 23.A bare reading of section 23 of the Income Tax Act, 1961, shows that for the purpose of section 22, the annual value of any property shall be deemed to be (a) the sum for which the property might reasonably be expected to be let from year to year; or (b) where the property is let and the annual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable. Obviously, if the amount received or receivable is in excess of the sum for which p...