TaxTMI 
TaxTMI 
2017 (12) TMI 852
X X X X Extracts X X X X
X X X X Extracts X X X X
....ese are reproduced hereunder:- 1 ''The order of the Learned Commissioner of Income Tax (Appeals) -5 is not in accordance with law and is therefore unsustainable 2. The Learned Commissioner of Income-Tax (Appeals)- ought not to have held that the income from property situated at No.9 Chandrappa Mudali Street, Sowcarpet, Chennai 600 079 should be assessed under the head "Income from Property" instead of Income from Business especially when the appellant was not the owner of the land and only owned the superstructure on land belonging to someone else. 3. The Learned Commissioner of Income-Tax (Appeals)-5 ought to have appreciated the fact that the appellant firm had paid lease rental for the land taken on lease and o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... per the ld. Authorised Representative, since the building on which assessee had received rent was situated on a leased land, authorities below ought have considered the rent received, net of the lease rent paid for the land, under the head ''Income from Other Sources'' and not under the head ''income from House Property''. Ld. Authorised Representative submitted that ld. Assessing Officer had relied on Sub Section (iiib) to Sec. 27 of the Income Tax Act, 1961 (in short ''the Act'') for considering the assessee as the owner of the house property. As per the ld. Authorised Representative the said section clearly referred to sub section (f) to Section 269 UA of the Act. According to him, by virtue of Section 269(f) of the Act, assessee could ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... virtue of judgments of Hon'ble Jurisdictional High Court in the case of Keyaram Hotels P. Ltd vs. DCIT, 373 ITR 494 and that of Keyaram Hotels P. Ltd vs. ACIT, 300 ITR 118, such income could be considered only under the head "Income from House Property''. Ld. Departmental Representative also pointed out that Special Leave Petition filed against the above judgment was dismissed by Hon'ble Apex Court and reported (2015) 235 Taxmann 512. 6. We have considered the rival contentions and perused the orders of the authorities below. It is not disputed by the ld. Authorised Representative that for assessment years 2006-07, 2007-08 and 2011- 12, assessee itself had shown the rental income under the head ''Income from House Property'' in the retu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ne. However, in our opinion answer to the question lies in Section 22 of the Act, which is the charging section. Section 22 of the Act is reproduced hereunder:- "The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property". A reading of the above section clearly show that annual value of the property which is in the nature of a building is to be charged under the head '' Income from House Property'', if the assessee is t....