TaxTMI 
TaxTMI 
1973 (11) TMI 8
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....ty income at Rs. 12,320. It appears that, thereafter, the Commissioner exercising his powers under section 33B of the Act cancelled the said assessment and directed fresh assessment to be made. In order to understand the basis for this order and the fresh assessment a few facts may be stated: The Hindu undivided family of the assessee held a piece of land forming part of an estate known as " Shanti Kunj ", situate at 87, Naigam Cross Road, Dadar, Bombay. The said open plot was divided into six smaller portions and these were let out to six different persons under six different indentures of lease. It is the admitted position that these six leases contained identical terms and only one of them between the assessee family and one Dr. Kamat w....
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....lot. It is hereby also agreed and declared that on the expiry of the period of the lease the structure together with the fittings attached thereto shall belong to the lessors. (10) If at the end of the period of six years the lessee elects to continue the lease, it is hereby agreed and understood that the lessee shall be a monthly tenant of the lessors and shall thereupon pay to the lessors Rs. 70 per month by way of rent for the shop in his occupation." Pursuant to the directions of the Commissioner, the Income-tax Officer made fresh assessment and determined the property income of the assessee family by adding to the earlier figure of Rs. 12,320 the sum of Rs. 62,740 describing it as "income received (in kind) by the assessee on April 1....
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....received by the structure ceasing to be of the ownership of the lessee and becoming of the ownership of the lessor was exempt from inclusion in the total income as being a capital receipt. In that case the assessee carrying on the business of dye works leased out a plot of land to a weaving mills company at a rent of Rs. 100 per month for a term of five years, with an option to continue for another five years, under an agreement that the mills should construct on the land a building for a weaving mill, spending upon such building the minimum sum of Rs. 50,000. It was provided that on the determination of the tenancy the mills should yield up the building and the demised land to the assessee-company. The mills constructed a building at a co....