TMI Blog1986 (8) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... sessable under the head 'Business' ? " I.T.R.C. Nos. 194 and 195 of 1981 relate to the assessment years 1971-72 and 1974-75, respectively. I.T.R.C. Nos. 214 and 215 of 1979 relate to the assessment years 1972-73 and 1973-74, respectively. The facts in brief are : The assessee is a private, limited company having been incorporated on January 1, 1971. On December 11, 1970, it has entered into an agreement for sale with late Jayachamaraja Wadeyar of Mysore in regard to the property called " Bangalore Palace " and obtained possession of the building with the surrounding land measuring 110 acres situated within the Bangalore Corporation area. During the assessment years in question, the assessee was earning income by the use of the prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The question raised may be simple enough, but it requires a thorough factual investigation. The Tribunal in its order dated November 26, 1984, made in the appeal preferred by the Department for the subsequent years 1974-75, has found considerable difficulty in accepting its earlier decision and it has observed as follows: " On a consideration of rival submissions, we are of the opinion that this matter requires further investigation of facts. As pointed out by the Supreme Court the question depends entirely on the facts of the case. There is no material at present on record to indicate whether the assessee was required by reason of the contracts with the persons using the property for shooting pictures or for the supply of any other f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty of its own. It has only entered into an agreement for sale of the property in question. The agreement for sale does not confer any title on the assessee. This fact will have to be borne in mind by the authorities while considering the nature of the income derived by the assessee from a series of activities. Apart from that, since the Tribunal itself has found considerable difficulty in computing the income as " rent " from property for the assessment years 1977-78 and 1978-79 and remitted the matter to the Income-tax Officer for redoing the assessment after ascertaining some more facts, it would be proper that the Income-tax Officer must be allowed to redo the assessment even in respect of the assessment years concerned in these refe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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