Monday, December 12, 2011

Compilations of case law : RECEIPT OF RENT



Assessee is the proposed purchaser of property – Rent received before actual purchase of property – Other Sources income.

Peninsular Plantations Ltd. Vs CIT (Ker) 227 ITR 490

Income from letting out kutcha plinths on open land to FCI – Income from other sources

Gowardhan Das & Sons Vs CIT (P&H) 288 ITR 481

Income from leasehold property, without raising a structure thereon – Income from Other Sources.

CIT Vs Supreme Credit Corporation Ltd. (Cal) 230 ITR 700

Letting out of premises to different tenants and collection of rent – Not business activity – Only house property income.

CIT Vs Indian Metal & Metallurgical Corporation (Mad) 215 ITR 424

Shambu Investment P. Ltd. Vs CIT (SC) 263 ITR 143

Indian Overseas Bank Vs CIT (Mad) 246 ITR 206

CIT Vs Chennai Properties & Inv. Ltd. (Mad) 274 ITR 117

Owner of the property – Income from letting out will fall under House Property income.

CIT Vs Podar Cement P. Ltd. & others (SC) 226 ITR 625

S.G. Mercantile Corporation (P) Ltd. Vs CIT (SC) 83 ITR 700

D.R. Puttanna & Sons (P) Ltd. Vs CIT (Kar) 162 ITR 468

Owner of property is liable to House Property income – It does not depend on the power of the owner to let the property as also not depend on the capacity of the owner to receive the rent.

D.M. Vakil Vs CIT (Bom) 14 ITR 298

Indian City Properties Ltd. Vs CIT (Cal) 55 ITR 262

East India Housing and Land Dev. Trust Ltd. Vs CIT (SC) 42 ITR 49

A single act of constructing a godown and letting it out year after year – Not a business.

CIT Vs Veerabhadra Industries (AP) 240 ITR 5

If bifurcation of rent and service charges is there in lease deed itself, assess rent as House Property income and service charges as income from other sources.

CIT Vs Sankaranarayana Hotels (P) Ltd. (Kar) 201 ITR 138

Business premises sub-leased to bank – Merely because advancement of loan by that Bank to the firm is mentioned in the same agreement, it cannot be said that activity of leasing was closely connected with loan – Rental income is income from House Property.

CIT Vs Arvindkumar Odhavji (Bom) 213 ITR 551

Godown rent received was incidental to contract business – Not property income.

Mercantile and Marine Services Vs CIT (Ker) 233 ITR 257

Letting out godowns and factories – Rental income is House Property income.

Narayandas Kishandutt Vs CIT (MP) 149 ITR 636

Property under mortgage – owner derives some benefit from property – Annual value liable to tax

S. Ujjannappa Vs CIT (Kar) 255 ITR 455

Sale of flat to Non-Resident having not materialized due to refusal by Reserve Bank of India – Flat let out – House property income.

Pragati Construction Co. Vs DCIT (ITAT, Del) 60 ITD 541

Lights, fans, partitions, Lifts etc. are part and parcel of building – income from letting out – House Property income.

ACIT Vs Farida Begum Tazudeen (ITAT, Mad) 63 ITD 298

Neelam Cable Mfg. Co. Vs ACIT (ITAT, Del) 63 ITD 1

Assessee is owner of building on leasehold land – Income from House Property eventhough letting out is an objective of company.

Maharashtra Fert. & Chem Vs CIT (Bom) 150 ITR 317

Tinsukia Development Corporation Ltd. Vs CIT ( Cal ) 120 ITR 466

CIT Vs Mithila Properties Publication & Contractor Enterprises P. Ltd. ( Pat ) 228 ITR 713

License fee received for allowing film shooting – House Property income.

B.M. Chinai Vs ITO (ITAT, Mum) 63 ITD 77

Construction of hotel not completed during the year nor hotel business commenced – Rental income received from property assessable under " Income from House Property "

CIT Vs Hotel Ratanada International P. Ltd. (Raj) 293 ITR 557

Assessee engaged in development, construction, sale and lease of immovable property – Properties treated as stock-in-trade – Rental income earned is business income.

CIT Vs Neha Builders P. Ltd. (Guj) 296 ITR 661

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