TMI Blog2007 (6) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... ai dated November 11, 2005, made in I.T.A. No. 225/Mds/2005 for the assessment year 1998-99, raising the following substantial question of law: "If the intention of a person is to exploit the property as such and derive therefrom by sub-leasing the property would such income be treated as income from property or not?" The Revenue is the appellant. The relevant assessment year is 1998-99. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income from house property is dealt with under sections 22 to 27 of the Income-tax Act, 1961 (for brevity "the Act"). The "income from house property" is defined as under in section 22 of the Act: 22. Income from house property.- The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties comprised in the estate; (iii) a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part thereof; (iiia) a person who is allowed to take or retain possession of any bui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a charge to secure the discharge of a liability of a capital nature; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property. In the instant case, concededly, the lease agreement dated April 1, 1996, entered into between the assessee and Mr. S.K. Karunanidhi was for a period of 11 month ..... X X X X Extracts X X X X X X X X Extracts X X X X
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