TMI Blog2001 (9) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... ch "C", has referred the following question of law for the opinion of this court: "Whether, the Appellate Tribunal is right in law in allowing reduction of Rs.2,69,194 on account of property income?" The assessment year is 1979-80 and the relevant accounting period is commencing from July 1, 1977, and ending on June 30, 1978. The assessee entered into an agreement for sale on February 28, 197 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax (Appeals) came to the conclusion that the assessee-company was left with merely a technical or formal ownership of the immovable property and as the immovable property formed part of the industrial undertaking whose control and management vested with the vendee, there was no question of assessing the proportionate income from property in the hands of the assessee. The Tribunal confirme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who can exercise the rights of the owner, not on behalf of the owner but in his own right". Therefore, in light of the aforesaid ratio the liability to pay tax on income from property is clearly on the person who receives or is entitled to receive the income from property in his own right. In light of the facts stated hereinbefore and applying the ratio of the afore said decisions to the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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