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2010 (8) TMI 490 - ITAT AHMEDABADIncome from other sources or house property - Sub tenancy - Ownership of property - transfer by way of leave and licence agreement - Assessee claimed that he is the deemed owner of the property - Held that: - The assessee could enjoy the property so long as the assessee continues to pay the monthly rent. In case of any dispute, notices could be given by the parties. Therefore, the essence of the tenancy agreement was payment of rent month by month and that the assessee could make the sub-letting as a tenant only because owner cannot make sub-letting of the property and in case of any dispute the notices could be given by the parties. There is no clause in the tenancy agreement to provide that the tenancy was for more than one year. No right to tenancy in perpetuity is granted to the assessee because the tenancy agreement was subject to certain conditions to be performed by the assessee. - Claim of the owner rejected for deemed ownership of the building in question as per section 22, read with section 27(iiib) - Assessee is not eligible for deduction u/s 24 - The income liable to be treated as “income from other sources” - Decided in favor of revenue.
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