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1973 (11) TMI 8 - BOMBAY HIGH COURTAssessee is a Hindu undivided family deriving income from property assessable under section 9 of the Act. We are concerned with the assessment year 1958-59. For that year, the Income-tax Officer had determined the property income at Rs. 12,320. It appears that, thereafter, the Commissioner exercising his powers under section 33B of the Act cancelled the said assessment and directed fresh assessment to be made - When vacant land was let out and lessee constructed building which was passed on to the lessor at the end of the term - whether the value of the building can be treated as deferred rent and thus income of the lessor - whether it can be treated as income from dealing in immovable property
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