IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX REFERENCE NO. 348 OF 1995 TAX REFERENCE NO. 348 OF 1995 TAX REFERENCE NO. 348 OF 1995 Smt.Smita N. Ambani. ... Applicant. V/s. Commissioner of Income-tax. ... Respondent. J.D.Mistry i/b. Kanga & Co. for the applicant. None for the respondent. CORAM CORAM CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. : V.C.DAGA AND J.P.DEVADHAR, JJ. : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED DATED DATED : 20th April 2009. : 20th April 2009. : 20th April 2009. P.C. P.C. P.C. : : : ---- ---- ---- . Heard learned counsel for the applicant. None for the respondent. 2. In this reference, the following question is referred by the Tribunal for the opinion of this "Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that the annual letting value of the self-occupied property has to be the sum equivalent to the standard rent under the Bombay Rent Control Act and not the municipal rateable value in computing the property income u/s.23 of the Income-tax Act, 1961?" 3. Mr.Mistry, learned counsel appearing for the applicant- assessee brought to our notice the judgment of this Court delivered in Wealth Tax Reference No.34 of 1999 dated 16th January, 2009 in the case of very same assessee; wherein identical question based on pari-materia provisions of the Wealth Tax Act was raised and considered by the Division Bench of this Court with the rider reading as under: "That while applying provisions of Rule 1BB for valuing the self occupied property, Municipal rateable value with addition of statutory deductions if any, may be adopted instead of standard rent, for arriving at the gross maintainable rent." 4. In the above view of matter, for the reasons recorded in the said judgment, the question referred is answered in negative i.e. in favour of the assessee and against the Revenue, subject to the rider extracted hereinabove. 5. Reference stands disposed of with no order as to costs. (J.P.DEVADHAR, (J.P.DEVADHAR, (J.P.DEVADHAR, J.) J.) J.) (V.C.DAGA (V.C.DAGA (V.C.DAGA J.) J.) J.)