1989 (10) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessee ? (2) Whether the Appellate Tribunal had materials to come to the conclusion that the company, Kalpaka Tourist Home (Pvt.) Ltd., was not the owner of the property, for the assessment of property income ? (3) Whether the Tribunal was right and had materials to fix the proportion of annual letting value at seven-eighth in the hands of the assessee and his wife ?" The respondent is the Revenue. We are concerned with the assessment years 1976-77 to 1979-80. In April 1970, the assessee and his wife purchased a plot of land on which there was an old building. The old building was pulled down. Thereafter, a hotel building was constructed thereon company was floated by name "Kalpaka Tourist Home (Pvt.) Ltd." which was incorported on Ma....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... decision of this court. We heard counsel for the assessee as also counsel for the Revenue. The company, Kalpaka Tourist Home (Pvt.) Ltd., claimed depreciation in respect of the building for the assessment year 1977-78 for which the accounting period ended on March 31, 1977. It was disallowed by the assessing authority holding that the company was not the real owner of the property. The Commissioner of Income-tax (Appeals) concurred with this view. The Tribunal confirmed the decisions of the authorities below. The company came up before this court in I.T.R. No. 162 of 1984 (Kalpaka Tourist Home (Pvt.) Ltd. v. CIT [1988] 172 ITR 364). The question referred to this court was whether the Appellate Tribunal was justified in disallowing the cla....