TMI Blog2014 (7) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... nt between the parties thereto - The standard rent could apply only to a tenant and not to one who occupies the property illegally - the compensation or rent toward the same, even from any illegal tenant, would stand to be assessed as ‘income from house property’ - the income continues to be assessed at the returned sum of ₹ 30.264 lacs being in terms of the original agreement. - it shall be subject to any downward revision that may be directed by the high court, before whom the matter is subjudice – Decided partly in favour of Assessee. - I.T.A. No. 3915/Mum/2012 - - - Dated:- 13-6-2014 - Shri Sanjay Arora, AM And Shri Amit Shukla, JM,JJ. For the Appellant : Shri Pankaj R. Toprani For the Respondent : Shri Maurya Pra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business income , also allowing deduction for expenses incurred by the assessee (at ₹ 14,44,200/-). Alternatively, the rental income be assessed as business income at ₹ 60,175/- (per month), i.e., as per the order of the Small Causes Court dated 20.03.2007 (in RAN Suit No.79/SR/1989/copy on record). That is, though the assessee had booked income at ₹ 30,26,400/- (@ ₹ 2,52,200/- p.m.), it had actually received income at a reduced amount of ₹ 60,175/- p.m. The ld. CIT(A) considering the afore-stated facts was of the view that under the circumstances it is only proper that the rental income be assessed at ₹ 30,26,400/- as income from house property . Aggrieved, the Revenue is in appeal. 3. We have hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be appreciated that the original agreement has since expired, and which has not been extended, and which could only be at the instance of and upon agreement between the parties thereto. The standard rent could apply only to a tenant and not to one who occupies the property illegally. So, however, the compensation or rent toward the same, even from any illegal tenant, would stand to be assessed as income from house property . 3.2 Under the circumstances, we, therefore, only consider it proper that the income continues to be assessed at the returned sum of ₹ 30.264 lacs, being in terms of the original agreement. So, however, the same shall be subject to any downward revision therein that may be directed by the hon ble high court, be ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
