Income Tax Act, 1967.

Basis of assessing income under Schedule A.

147.—For the purpose of any claim for an allowance or deduction under sections 134 to 145 the income arising from the ownership of lands, tenements or hereditaments assessable under Schedule A shall, subject to any allowance, reduction, or relief granted under this Act, be deemed to be the annual value thereof estimated in accordance with the provisions applicable to Schedule A and the income arising from the occupation of lands, tenements and hereditaments assessable under Schedule B shall, subject to any allowance, reduction or relief granted under this Act, be deemed the assessable value thereof estimated in accordance with the provisions applicable to Schedule B, and where a claimant is both owner and occupier of the last mentioned lands, tenements and hereditaments, the amount of the annual value under Schedule A, added to the amount of the assessable value under Schedule B shall be deemed to be the income arising from those lands, tenements or hereditaments.