1997 (5) TMI 2 - SC - Income Tax

Case of the assessee is that the rental income from the flats was assessable as "income from other sources" u/s 56 of the Act inasmuch as the assessee-company was not the "legal owner" of the property in the flats - Whether Tribunal was justified in law in holding that the income derived by the assessee-company from flats from the building known as ' Silver Arch ' of Bombay is taxable under the head ' Income from other sources ' u/s 56 and not income from ' house property ' u/s 22 - Held, no