2007 (6) TMI 176

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....is directed against the order of the Income-tax Appellate Tribunal, SMC-III "D" Bench, Chennai dated November 11, 2005, made in I.T.A. No. 225/Mds/2005 for the assessment year 1998-99, raising the following substantial question of law: "If the intention of a person is to exploit the property as such and derive therefrom by sub-leasing the property would such income be treated as income from pro....

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.... an owner of the property merely because the lessee has sublet the property. The computation of income from house property is dealt with under sections 22 to 27 of the Income-tax Act, 1961 (for brevity "the Act"). The "income from house property" is defined as under in section 22 of the Act: 22. Income from house property.- The annual value of property consisting of any buildings or lands....

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.... (ii) the holder of an impartible estate shall be deemed to be the individual owner of all the properties comprised in the estate; (iii) a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of ....

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.... property imposed by a local authority, or the Central or a State Government; (v) 'capital charge' means a charge to secure the discharge of a liability of a capital nature; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property. In the instant case, concededly, the lease agreement....