Ajoy Nath Ray, J. - (1.) This is a reference matter entertained by us on Section 256(2) of the Income-tax Act, 1961, at a time before Section 260A got introduced into it.
(2.) The appellant-Department felt aggrieved in this case with the order of the Tribunal since it accepted the annual letting value of certain premises owned by the assessee-company at the figure of Rs. 10,800.
(3.) The Assessing Officer had fixed the annual letting out value at Rs. 54,000 basing his decision upon the municipal valuation of the property upon which municipal rates were to be calculated at a specified fraction or percentage.;