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2016 (8) TMI 367 - AT - Income TaxTaxability of income - deemed ownership - AO of treating ‘Income from House Property’ earned in respect of three different properties as ‘Income from Other Sources’ on the ground that the assessee is not the owner of the said properties but the tenant of the said property - Held that:- In the present case, the appellant has entered into lease agreements in respect of the concerned properties for a period of not less than 12 years. The appellant has furnished copies of lease agreements and rent receipts in support of its claim. On perusal of the documents placed on record, as observed that the assessee though not an owner of the property but is a deemed owner of the property in view of the provisions of section 27(iiib) r.w.s269UA(f) of the I.T.Act, 1961 as the assessee is holding the aforesaid properties on lease for a period of more than 12 years. The department has dealt the matter of controversy in the assessee’s own case for the A.Y.2007-08. In view of the above said observations made by the CIT(A) in the assessee’s own case, the assessee’s income from the house property was found to be taxed under the head of income form house property. These findings were not challenged by the revenue meaning thereby the revenue has accepted this contention. No doubt in the said circumstances the income of the assessee is liable to be treated as under the head income from house property and accordingly the assessee would also to be entitled for the consequential benefit as per law. - Decided in favour of assessee
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