tax implication on Litigation in ownership

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..... tax implication on Litigation in ownership
Query (Issue) Started By: - Vivek Davanam Dated:- 10-9-2010 Last Reply Date:- 11-9-2010 Income Tax
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Income Tax
The assessee (a partner of the firm) paid to bank on the basis of Auction cum Sale agreement towards the property in which the firm is the tenant. where as the assessee did not got registration since the owner of the prope .....

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..... rty had sued the bank against Auction cum sale. till now the property is not registered in the name of the assessee due to the matter is in court of Law. whether the assessee(partner of the firm) is the owner?whether this income is taxed under houseproperty or under other source - since he is not the registered owner has only possession of the property? Reply By Rama Krishana: The Reply: For t .....

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..... he purpose of section 22, registration is not mandatory to tax the receipt as income from house property. SC in a case held that: "We are conscious of the settled position that under the common law, " owner " means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, Registration Act, etc. But, in the context o .....

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..... f section 22 of the Income-tax Act, having regard to the ground realities and further having regard to the object of the Income-tax Act, namely, " to tax the income ", we are of the view, " owner " is a person who is entitled to receive income from the property in his own right." 2008 -TMI - 5598 - SUPREME Court
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