IN THE HIGH COURT OF JUDICATURE OF ANDHRA PRADESH: AT HYDERABAD THURSDAY, THE FOURTH DAY OF MARCH TWO THOUSAND AND TEN PRESENT: THE HON’BLE SMT. JUSTICE T. MEENA KUMARI AND THE HON’BLE SRI JUSTICE NOOTY RAMAMOHANA RAO REFERRED CASE No.225 OF 1996 Between: The Commissioner of Income Tax, A.P.-II, Hyderabad …. Applicant AND A.P. Industrial Development Corporation Ltd., Hyderabad. …. Respondent THE HON’BLE SMT. JUSTICE T. MEENA KUMARI AND THE HON’BLE SRI JUSTICE NOOTY RAMAMOHANA RAO REFERRED CASE No.225 OF 1996 ORAL ORDER: (per Hon’ble Smt. Justice T. Meena Kumari) In the present R.C., the following question has been referred to this Court for answer: “Whether, on the facts and in the circumstances, of the case, the ITAT was correct in law n holding that the annual value of the property of which the assessee is the legal owner cannot be assessed in the hands of the assessee under Section 22 of the I.T. Act? 2. The learned counsel appearing for both sides, have agreed that the above question was already covered by a decision in Commissioner of Income Tax v. Podar Cement Private Limited and Others (226 ITR 625), wherein the question was answered in favour of the assessee. 3. Following the same, the reference is answered in favour of the assessee. __________________ T. MEENA KUMARI, J ___________________________ NOOTY RAMAMOHANA RAO, J March 04, 2010. KTL