https://www.taxtmi.com/caselaws?id=59089 The judgment focused on the computation of property income under the Income-tax Act, 1961, based on a leave and licence agreement. The court upheld the decision of the Income Tax Officer (ITO) to calculate income using the licence fee as rent received, applying section 23(1)(b) of the Act. The distinction between 'letting' and 'licensing' was crucial in determining property income, with the court emphasizing that a licence does not confer an interest in the property to the licensee. The judgment also highlighted the importance of fixing the annual value based on rental value, particularly in prime areas, and dismissed the appeals while partially allowing an appeal related to the levy of interest for a specific assessment year. en-us Mon, 31 Jan 1983 00:00:00 +0530 Thu, 23 Dec 2010 18:34:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59089 The judgment focused on the computation of property income under the Income-tax Act, 1961, based on a leave and licence agreement. The court upheld the decision of the Income Tax Officer (ITO) to calculate income using the licence fee as rent received, applying section 23(1)(b) of the Act. The distinction between 'letting' and 'licensing' was crucial in determining property income, with the court emphasizing that a licence does not confer an interest in the property to the licensee. The judgment also highlighted the importance of fixing the annual value based on rental value, particularly in prime areas, and dismissed the appeals while partially allowing an appeal related to the levy of interest for a specific assessment year. Case-Laws Income Tax Mon, 31 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59089