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Issues Involved:
1. Extent of the assessee's interest in the income from the property at 23A/418, Diamond Harbour Road, Calcutta. 2. Quantum of income to be included in the hands of the assessee. Summary: Issue 1: Extent of the assessee's interest in the income from the property at 23A/418, Diamond Harbour Road, Calcutta. The assessee contended that he had no interest in the income from the property, while the ITO held that the assessee had a one-third interest. The Commissioner (Appeals) held that the assessee's interest extended only to one-third of the income attributable to the cost of the land vis-a-vis the cost of construction. The Tribunal concluded that the assessee did become one-third owner of the land due to several registered deeds of conveyance and mortgage. However, there was no evidence to hold that the assessee acquired any interest in the superstructure built on the land. The Tribunal noted that the assessee gave a loan for the construction of the house but did not acquire any right in the income resulting from the house. Issue 2: Quantum of income to be included in the hands of the assessee. The Tribunal directed that the net income from the house property should be multiplied by a fraction, the numerator of which is the cost of the land and the denominator of which is the total cost of land and construction of the house. The amount so arrived at should be divided into three parts, and only one part thereof should be included in the assessee's income, as he is the owner of only one-third portion of the land and no part of the house. The assessments for all the years were to be modified accordingly.
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