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2017 (10) TMI 877 - AT - Income TaxIncome from house property - income earned in consideration of having given rights to have play hoardings etc. - Held that:- The assessee Society is a tenement co-operative housing society, in which ownership of the land and building vests in the society itself, and not the member of society. The consideration received by the assessee is for the right to install the hoarding rather than rent for hoarding installed by the assessee. The above observations are thus equally valid in the present context. In view of the above discussions, as also bearing in mind entirety of the case, hold that the income earned by the assessee, in consideration of having given rights to have play hoardings etc. are taxable as income from house property. Accordingly, deduction under section 24(a) was indeed admissible in the present case. Direct the Assessing Officer to allow the deduction under section 24(a), as claimed by the assessee. - Decided in favour of assessee.
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