It was the case of the assessee that the rental income from the flats was asses sable as “income from other sources” under section 56 of the Act inasmuch as the assessee-company was not the “legal owner” of the property in the flats. The rental income from these flats was included in the return for the assessment years in question, namely, 1975-77. It is common ground that all these flats have been let out to various persons. The possession of the flats was taken after payment of consideration in full some time in August, 1973. Out of the four aforesaid flats, two were directly purchased by the respondent-company from the builders and the other two were purchased by its sister concern and subsequently by the assessee. The builders of the said building are Malabar Industries Pvt. 231, 232, 241 and 242 in a building called “Silver Arch” on Nepean Sea Road, Bombay. 9-10 of 1986 is a company and an assessee under the Act (hereinafter called the “assessee”). Issue : – The respondent in Tax References Cases Nos.
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