2014 (7) TMI 208

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....his is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-7, Mumbai ('CIT(A)' for short) dated 30.01.2012, partly allowing the assessee's appeal contesting its assessment u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year (A.Y.) 2005-06 vide order dated 26.12.2007. 2. The brief facts of the case are that the asses....

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....se therein, so that the tenant was in illegal possession of its house property, toward which an eviction suit has also been filed before the Hon'ble Bombay High Court. Accordingly, the amount received from NIACL (Rs.30,26,400/-) be assessed as 'business income', also allowing deduction for expenses incurred by the assessee (at Rs. 14,44,200/-). Alternatively, the rental income be assessed as busin....

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....as noted by the ld. CIT(A), has also been assessed by the Revenue at the returned amount of Rs. 29.784 lacs. The assessee, as informed to us by the ld. Authorized Representative (AR) during hearing, has preferred an appeal against the order of the Small Causes Court dated 20.03.2007 (supra), fixing the standard rent of the property at Rs. 60,175/- p.m. The matter with regard to the quantification ....

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....uses Court at a much lower sum. So, however, it needs to be appreciated that the original agreement has since expired, and which has not been extended, and which could only be at the instance of and upon agreement between the parties thereto. The standard rent could apply only to a tenant and not to one who occupies the property illegally. So, however, the compensation or rent toward the same, eve....