2006 (3) TMI 66

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....idering the ground raised by the revenue relating to the addition of income from the house property at 100 AE Anna Nagar, Chennai? 2. Whether in the facts and circumstances of the case, the assessee's contention that the property at 100AE Anna Nagar, Chennai did not belongs to him and the same belongs to his wife is acceptable?" 2.  The relevant facts are as follows : 3. The assessee filed its return of income for the assessment year 1985 -86 on September 30, 1985 on a total income of Rs.91,530.  Subsequently, he filed a revised return of income on March 28, 1988 admitting a total income of Rs.91,755.  The difference being a sum of Rs.225 between the original return and revised return represents the interest admitted....

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....g  a  sum  of  Rs.1,046 towards  Municipal  Tax  and Rs.3,600/- towards expenses allowed under section 23(2) of the Act, taking into consideration that the  assessee  and  his  wife were living in 1/3rd portion of the property and 2/3rd portion of the property was let out.  The said income was treated as income from house property. 5. For the assessment year 1986-87, the assessing officer assessed the total income under the head "Income from house  property"  at  Rs.37,432 taking  into  consideration the detailed reasons given in the assessment order for the assessment year 1985-86. 6. Aggrieved against the orders of the assessing officer even dated M....

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....as got valid title legally conveyed to him after complying with the requirements of law  such  as  Transfer  of  Property  Act, Registration Act  etc. and  in the context of section 22 of the Act, having regard to the object of the Act, namely, to tax the income,  the  owner  is  a person,  who  is entitled to receive income from the property in his own right and also the amount invested in the purchase of plot  and  construction  of  a house  in  the  name  of  the  assessee's wife, had come from the assessee and therefore, the income from such property  is  taxable  in  the  hands  of  ....