TMI Blog2018 (6) TMI 1465X X X X Extracts X X X X X X X X Extracts X X X X ..... iled in their letter dated 24/11/2000 addressed to the assessee, copy thereof filed in the compilation before us. The assessee become a deemed owner· in accordance with provision of section 27(iiib) r.w.s. 269UA(f)(i) of the Act - no mistake in the order of CIT(A) in holding that the assessee is the deemed owner of the premises u/s 27(iiib) of the Act and the order of the CIT(A) is confirmed and the grounds of appeal of the revenue are dismissed. - ITA No. 707/MUM/2017 - - - Dated:- 27-6-2018 - Shri Saktijit Dey, Hon ble Judicial Member And Shri Dr. A. L. Saini, Hon ble Accountant Member Assessee by : Shri Vimal Punmiya Shri Sunil Jumani CAs. Department by : Shri Saurabh Kumar Rai DR ORDER Per Dr. A. L. Saini, Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciating that for the purpose of according a status of deemed owner u/s.27 (iii b), what is required is there was part performance as stated in section 53A of the Transfer of Property Acts, 1882, i.e. in other words the compliance of all the conditions stated in section 53A of the I.T. Act, and assessee failed to prove any such 'part performance'. 4. On the facts and circumstances of the case and in law, the id. CIT(A) erred in importing the Concept of acquiring rights for 'Twelve year' fro section 269UA clause(f), while interpreting section 27(iii b) whereas what is required to be seen only is the 'part performance' as stated in section 53 A of transfer of Property Act, r.w.s.269 UA clause (f). 5. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s received by the assessee from ICICI Bank Ltd is to be taxed. In the return of income assessee has declared such income as being taxable under the head income from house property . The Assessing Officer noticed that the amount received is not from a property owned by the assessee but it is in respect of a property which has been sub-let to ICICI Bank Ltd. Therefore, he has proceeded to tax the same as income from other sources . The Assessing Officer further noticed that though in assessment year 2005-06, the Tribunal had upheld the plea of the assessee for assessing such income under the head income from house property but since the appeal of the Revenue was pending before the Hon'ble Bombay High Court , he proceeded to tax such r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the compilation before us. In these facts of the case we find that the assessee become a deemed owner in accordance with provision of section 27(iiib) r.w.s. 269UA(f)(i) of the Act. 3 ITA 5689/M/12 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(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. The decision of the Mumbai Tribunal in 8 SOT 441 and Calcutta Tribunal in 89 ITD 199 covers th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us in the earlier paras, clearly shows that the entire arrangement in terms of which assessee has earned the impugned rentals has been examined. It has also been specifically noticed that the owner of the property M/s. Vrindavan Lal Goverdhan Lal allowed the assessee firm to create sub-tenancy with regard to the premises in question and assessee created the sub-tenancy in favour of ICICI Bank Ltd. for a period of 15 years on certain terms and conditions. The Tribunal has noted that such terms and conditions have been placed before them. In this background, the Tribunal held that assessee became a deemed owner on an application of section 27(iiib) r.w.s. 269 UA (f)(i) of the Act. On the contrary, reference made by the CIT(A) to the fact th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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