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2014 (7) TMI 338 - AT - Income TaxRental income from office premises – income taxable in the hands of assessee or company - Held that:- The assessee had not produced any evidence before any authority including us to prove that he was compelled to receive the rent in the name of a corporate entity – it is difficult to understand as to how a corporate entity has shown income from a premises that was neither owned by it nor was it taken on rent by it - returns filed by both the parties do not depict their true incomes - the assessee had not shown the income accrued to him in the return – thus, FAA was justified in holding that income from the Oberoi Gardens property was to be assessed in his hands – Decided against Assessee. Annual letting value of adjacent self-occupied house property – Held that:- There were two agreement for the flats no. 1301 and 1302 for the residential property situated at Hurray Nirmal Lifestyle - the assessee has made a claim that they were being used a single unit, that they had common entrance - AO had made no inquiry in this regard at the time of assessment – thus, the matter is liable to be remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee. Annual value of self-occupied house property – Held that:- The AO and the FAA have not denied the fact the property remained vacant for the year, that the AO had adopted ALV based on cost of acquisition of the property, that the assessee had taken Municipal ratable value for ALV purposes - method adopted by the assessee was as per law - As the property remained vacant , so, adopting municipal ratable cannot be termed incorrect method of calculating House property income – thus, the order of the FAA is set aside – Decided in favour of Assessee. Taxability of Net receipts on surrender of LIC pension policy – Capital receipt or not - assesssee contended thatm, no claim was made u/s. 80CCC when money was deposited – Held that:- AO had admitted that the assessee had not claimed deduction under the provisions of chapter VI A of the Act, that he had had received an amount in dispute by surrendering lifetime pension policy and life insurance policy from ICICI Prudential life insurance - These two factors in themselves are sufficient to hold that money received by the assessee is a capital receipt and not taxable - Provisions of section 2 of the section 80CCC are very clear – Decided in favour of Assessee.
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