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TMI Blog2008 (4) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... hi Bench "SMC", New Delhi (the Tribunal ) in ITA No. 4341/Delhi/2004 relevant for the assessment year 2001-02. 2. The assessee is in the business of developing real estate and owns some properties in and around Delhi. The assessee had given out on rent premises owned by it in sector 18, Noida to M/s. Ebony Retail Holdings Ltd. The agreement entered into between the assessee and M/s. Ebony Retai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the nature of a joint venture or business agreement whereby the assessee was involved in day-to-day functioning of the store run by M/s. Ebony Retail Holdings Ltd. Apart from other things, the assessee was required to perform the upkeep of the building and also participate in the management by giving suggestions on the display of items and pricing of goods. The CIT(A) noted that this was not disp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. We are of the opinion that essentially a finding of fact has been arrived at concurrently by both the CIT(A) and the Tribunal that the arrangement was not a sham and it was not a mere rent agreement but in fact required involvement of the assessee in the management of the store also, therefore, the amount received by the assessee cannot be treated as income from house property and it should b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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