https://www.taxtmi.com/caselaws?id=61856 The Tribunal held that the company was not liable to be assessed under the head "Income from house property" as the shareholders were deemed the real owners of the flats. The Tribunal also ruled in favor of the assessee regarding the adoption of municipal valuation for annual letting value and found the levy of interest unjustified due to 'nil' taxable income. The department's appeals were dismissed, emphasizing the importance of substance over form in transactions. en-us Mon, 19 Sep 1994 00:00:00 +0530 Sat, 15 Jan 2011 16:45:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61856 The Tribunal held that the company was not liable to be assessed under the head "Income from house property" as the shareholders were deemed the real owners of the flats. The Tribunal also ruled in favor of the assessee regarding the adoption of municipal valuation for annual letting value and found the levy of interest unjustified due to 'nil' taxable income. The department's appeals were dismissed, emphasizing the importance of substance over form in transactions. Case-Laws Income Tax Mon, 19 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61856