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2017 (12) TMI 852 - AT - Income TaxTreatment of rental income received - under the head "Income from House Property" OR ‘’Income from Business/Profession’’ - disallowance of the claim of lease rental paid on the land. annual value of the property which is in the nature of a building is to be charged under the head "Income from House Property’’, if the assessee is the owner of the such building. Admittedly assessee was the owner of the building though it might not be the owner of the land. It is not essential that a person who owns a building should be owner of the land upon which it stands for assessing the rental income under the head ‘’Income from House Property’’. In the circumstances, we are of the opinion that lower authorities were justified in considering the rental income under the head ‘’Income from House Property’’. Once income is assessed under the head "Income from House Property", assessee will be eligible only for allowance mentioned in Section 24 of the Act. We thus do not find any reason to interfere with the orders of the lower authorities. - Decided against assessee.
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