TMI Blog2015 (4) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... act that the agreement for letting out the premises to ICICI Bank Ltd. is for a period of 15 years, clinches the issue in favour of the assessee as they become the deemed owner under the provision of section 27(iiib) r.w.s. 269 UA (f)(i) of the Act and accordingly is entitled to deduction as provided u/s 24(a) of the Act - no mistake in the order of CIT(A) in holding that the assessee is the deeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lakhs received by the assessee from ICICI Bank. Notably, the assessee declared the said amount as an income assessable under the head income from house property against which the A.O. treated the same as an income assessable under the head income from other sources . 3. The assessee before us is a partnership firm engaged in the business of trading of workshop machinery, accessories etc. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house property . 4. At the time of hearing, it was a common ground between the parties that in A.Y. 2005-06 the issue came up before the Tribunal and vide ITA No. 3008/Mum/2008 dated 09-10-2009 the issue was decided in favour of the assessee. The following discussion in the order dated 09-10-2009 (supra) of the Tribunal is relevant:- We have considered the rival submissions. We find that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of section 27(iiib) r.w.s. 269UA(f)(i) of the Act. There is no material on record to suggest that the letter dated 24/11/2000 of M/s. Vrindavan Lal Goverdhan Lal is not genuine. The fact that the agreement for letting out the premises to ICICI Bank Ltd. is for a period of 15 years, clinches the issue in favour of the assessee as they become the deemed owner under the provision of section 27(ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -06 (supra) and decided the issue in favour of the assessee. 6. In view of the aforesaid precedents, we affirm the impugned decision of the ld. CIT(A) in holding that the income derived by the assessee from subletting has to be assessed under the head income from house property. As a consequence, appeal of the Revenue is dismissed. 7. The above decision was pronounced in the open court in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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