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2014 (7) TMI 208 - AT - Income TaxIncome from house property – Quantum of rent subjudice to HC - Income from letting out of office at commercial premises – Held that:- The matter with regard to the quantification of the rent payable to the assessee is subjudice before the Bombay high court, even as the assessee alleges of no continuing arrangement with NIACL in-as-much as the lease agreement expired on 13.05.1994, and which has not been extended further - the standard rent stands fixed by the Small Causes Court at a much lower sum - it needs to be appreciated that the original agreement has expired, and which has not been extended, and which could only be at the instance of and upon agreement between the parties thereto - The standard rent could apply only to a tenant and not to one who occupies the property illegally - the compensation or rent toward the same, even from any illegal tenant, would stand to be assessed as ‘income from house property’ - the income continues to be assessed at the returned sum of ₹ 30.264 lacs being in terms of the original agreement. - it shall be subject to any downward revision that may be directed by the high court, before whom the matter is subjudice – Decided partly in favour of Assessee.
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