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2014 (10) TMI 538 - HC - Income TaxIncome from shopping centre – Income form house property or Profits and gains from business and profession – Ownership of shopping centre - Whether the was owner of the shopping centre within the meaning of section 22 read with section 27 – Held that:- The terms and conditions of the auction have been referred to the agreement pursuant thereto and a copy of which was before the authorities - The assessee is a partnership firm - It was constituted under the deed of Partnership and main object was that it shall take premises on rent and sub-let them or any of business mutually agreed by the parties from time to time - the term “transfer” as defined u/s 269UA (f) is in relation to any immovable property and there are two references thereto and which are to be found from the definition of the term immovable property i.e. in section 269UA (d) - the term “transfer” is defined in clause (f) as stated above and effect of the same may be of transferring or accepting enjoyment of the property. The income that he derives from the users or occupiers of the stalls or units in the market area is from house property - A demand notice was issued by the Corporation calling upon the assessee to pay property tax in respect of stalls - the tax liability vests with the Corporation - the understanding between the parties has been that the tax liability vests with the Corporation - the Corporation is owner of the property and for the purpose of payment of property taxes can therefore be of no assistance to the assessee - The nature of the rights derived from the Auction, the Agreement and further that the Assessee can deal with the property by inducting third parties goes to show that he is the owner within the meaning of the Income Tax Act, 1961 – thus, no substantial question of law arises for consideration – Decided against assessee.
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