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2018 (5) TMI 1817 - AT - Income TaxSale of paintings claimed to be gifted by late father renowned painter late Shri MF Husain - correct head of income - business income or capital receipt - definition of ‘capital asset’ under section 2(14) - sufficient opportunities to produce the details - Held that:- We find that now assessee’s Counsel before us has clearly undertook to file the necessary details to prove that receipts from sale of paintings are on account of sale to the respective buyers. He undertook to file the confirmation from these buyers and the relevant evidences to prove that the sale proceeds are deposited in the bank account will be produced before the Assessing Officer. In such undertaking, we are of the view that the primary responsibility/onus is on assessee to file these details and in term of this undertaking we set aside this issue to the file of the Assessing Officer. Income from house property - Fair rental value u/s 23(1)(a) - deemed let out premises under section 23(1)(a) – AO adopted Annual Letable value at ₹ 9,000 PM in respect of each of the two worli flats - Held that:- Hon’ble Bombay High Court in the case of CIT vs. Tip Top Typography [2014 (8) TMI 356 - BOMBAY HIGH COURT] wherein it is held that for computing letable value, Municipal rateable value can be adopted by the AO. In view of the above, we direct the AO to compute the deemed rent as per Municipal rateable value and assess the income accordingly. This issue of assessee’s appeal is set aside to the file of the AO.
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