COMMISSIONER OF INCOME TAX Vs. M RANJITMAL CHORDIA

JUDGEMENT

(1.) THE petition is filed to grant a certificate for leave to appeal to the Supreme Court against the judgment in T. C. No. 833 of 1984 dated July 3, 1996, under Section 261 of the Income-tax Act, 1961. It was found on the facts and circumstances of the case that the actual rent received by the tenant was nearer to the fair rent than the municipal valuation as contemplated under the provisions of the Tamil Nadu Buildings (Lease and Rent Control) Act and the City Municipal Act and following the earlier decision of the Supreme Court in Sheila Kaushish v. CIT , it was held that the actual rent would represent the annual letting value of the house property in question. THE decision was rendered on the facts of the case and we do not find any good reason to grant the certificate for leave to appeal to the Supreme Court.

(2.) SO far as the second question is concerned, this court held that the deduction of urban land tax relating to the earlier previous years is allowable as a deduction in computing the income from property for the year in which the tax paid on the basis of the provision under Section 24(1)(vii) of the Income-tax Act and it was not pointed out that any contrary view was taken. We do not find any justifiable reason to grant the certificate for leave to Supreme Court on the second question also. Accordingly, the petition is dismissed. The assessee is entitled to costs of Rs. 500.