TMI Blog2003 (12) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... uting the income under the head 'property' of certain let out commercial flats and spaces owned by the appellant. 1. (b) That, without prejudice to the foregoing ground and in the event of it being held that the rental income was not assessable under the head 'property', the same could not be brought to tax under the head 'Other sources' as well and as such should have been excluded from the assessment." 2.1 That, on the law, facts and in the circumstances of the case, the learned CIT(A) has erred in confirming the rejection of the claim for short-term capital loss of Rs. 12,450 and instead confirming the determination of the short-term capital gain at Rs. 10,000 on sale of farm No. 17, Satbari, New Delhi, by disbelieving and disregar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Rs. 2,25,000 shown by assessee. He thus worked out short-term capital gain of Rs. 10,000. The AO also disallowed the claim of the assessee being 1/6th for repairs by observing that no deduction for repairs can be allowed as no transfer deed was executed for transferring title of ownership. In appeal before the learned CIT(A), it was submitted that if the income is to be assessed as property income, then appellant is entitled for deduction by 1/6th repairs. The learned CIT(A) rejected the plea by observing as under: "In view of the above discussion, I am of the view that the rental income should be assessed under the head income from other sources and if that be so, there is no room for allowance of statutory deduction relating to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amended provisions of s. 27 of IT Act and has held that the amendment is declaratory in nature and hence, the provision shall operate retrospectively. In this regard, we consider it proper to reproduce the relevant provisions of s. 27 of the IT Act which are as under: "(i) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred. (ii) the holder of an impartible estate shall be deemed to be the individual owner of all the properties comprised in the estate. (iii) a member of a co-operative s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be applied retrospectively which means that the income of the assessee is to be taken as income from house property as she was having possession although she was not a registered owner. Her case will be covered by the amended provision contained under s. 27(3). Consequently, she is deemed to be owner and her income shall be covered under the head income from "house property" and in view of the same, she will be entitled for the deduction on account of repairs. The learned CIT(A) has considered the entire matter including the report of the Valuation Officer of the IT Department and has sustained the addition of Rs. 10,000. The learned counsel for the assessee could not substantiate this ground before us. No material is available on record to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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