TaxTMI 
TaxTMI 
TaxTMI 
1988 (3) TMI 129
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....g the arbitrary and erroneous valuation by the District Valuation Officer at Rs. 4,23,700. 2. That on the facts and circumstances of the case the learned CWT (Appeals) has legally erred in directing the Wealth Tax Officer to make a reference u/s 16A for the valuation of jewellery when the Wealth Tax Officer has chosen to make an arbitrary estimate against the valuation returned by the assessee duly supported by the Approved Valuer's certificate. 3. That on the facts and circumstances of the case the learned CWT (Appeals) legally erred in holding that the arrears of Income-tax and Wealth-tax liabilities will not allowed u/s 2(m)(iii) if the same are disputed on the valuation date." 3. We have heard the parties at length. Orders of learned....
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....e rents are really high and are always on the increase, i.e., progressively on the leap. Be that as it may, when the return is high, the multiplier has to go down because the rate of interest has to be capitalised and that is the natural inference. That apart, in the case of Sushil Ansal v. CIT [1986] 160 ITR 308 (Delhi), their Lordships were seized of a issue - as to whether when an assessee owns a flat in a multi-storeyed building and when he had since paid full value for flats and taken possession of, but transfer deed has not been executed, the rental in terms of income from flats are to be assessed how - whether income from 'other sources' or income from 'house property'. The Hon'ble jurisdictional High Court held that the rental incom....
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....Tribunal, that the execution of an agreement of sale coupled with the handing over of possession was not sufficient to confer on the assessee the right of ownership in the flats. Since the head of 'Income from house property' covered only cases of assessment of an owner of building and lands appurtenant thereto and not all cases of income from house property, the assessment of persons other than owners did not fall under section 22 and should be made under section 56. The income of the assessee had to be assessed under the head 'Income from other sources' and the assessment was properly completed by the Income-tax Officer. Sections 22 and 23 envisage a tax on the owner of the property but at the same time disassociate the tax from the actua....
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....urned the valuation. More so, the assessment order reveals that it has been assessed as immovable property. The Hon'ble Supreme Court in the above decision has held that an immovable property vests in a person, i.e., he becomes the legal owner only after a conveyance deed has been duly executed and registered in his favour under the provisions of the Indian Registration Act and till such time it has not been done, an immovable property cannot be said to be belonging to the said person. The Hon'ble Delhi High Court having held that income from flat in a multi-storeyed building is assessable under the head of 'Income from other sources', the implications thereof are that the income is not from 'property' and rightly so, since the assessee doe....
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.... the case of breach of an agreed stipulation. Nobody likes to buy litigations and naturally so since under the agreement entered into by an assessee with a builder, although the assessee is having rental income, in fact and in actuality it is a quid pro quod for the following : (i) investment made; (ii) apprehension of litigation; and (iii) obligations under the agreement entered into with the builder. 6. The rentals, as such, are the outcome of the above three components and as already mentioned above 'litigation' may be marketable, but certain on the facts and in the circumstances of the case with which we are seized of, it has depressing effect. The assessee having imperfect title and uncertainty as to legal ownership being attached ....