1997 (8) TMI 68

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....delivered by R. C. LAHOTI J.---These two references under section 256(1) of the Income-tax Act, 1961, arising out of the assessment year 1972-73 made at the instance of the Revenue and the assessee both seek the opinion of the High Court on the following questions of law : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that rent recei....

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....aw so laid down, the question is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. So far as question No. 2 is concerned, we find from paragraph 7 of the appellate order of the Tribunal that the precise details of the expenditure incurred by the assessee for earning of the income were not made available. The Tribunal formed an opinion that some expenditure ha....

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....erty. However, from the order of the Tribunal it is not clear if the swimming pool and the stadium were let out as property to outsiders, i.e., other than members. On the contrary, we find from the order of the Appellate Assistant Commissioner that the income from the swimming pool and the stadium at Bombay could not be considered as income from property as there was no element of rent for use of ....