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2011 (7) TMI 31 - HC - Income TaxApplicability of section 22 - Co-owner in a property - Property is used in a business of partnership firm - Held that: partnership firm cannot take advantage of the ownership of a property owned by its partner in his individual capacity for the purpose of getting benefit of taxation and in the same way, a partner also in his individual capacity cannot treat the right of possession exercised by the firm in any property as his own right of possession so as to get benefit of taxation - Held that: the exemption under Section 22 of the Act in respect of a property not owned by the partnership firm cannot be availed of by an individual co-owner merely because he happens to be a partner of a firm in occupation of a part of the property - Decided against the assessee
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