9911796707
TMI Blog2011 (7) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... mstances , the decision of the Tribunal in holding that the amounts received by Minicon on account of letting out the premises were liable to be assessed in the hands of the assessee on the ground that the transaction between the assessee and Minicon was a sham and bogus transaction cannot be accepted - Decided in favour of assessee. - 1501 OF 2007, 1509 OF 2007, 1515 OF 2007, 1516 OF 2007, 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd parties were liable to be assessed in the hands of the assessee ? (C) Whether the ITAT was justified in holding that the income received by the assessee by letting out the premises in question on leave and licence basis was chargeable to tax under the head income from house property instead of taxing under the head profits and gains of business or profession ? 2. By a Leave and L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 961. 3. It is not in dispute that the amounts received by Minicon have been taxed in the hands of Minicon and the assessment orders passed to that effect have attained finality. If the amounts received by Minicon by letting out the premises taken on leave and licence agreement from the assessee, have been taxed in the hands of Minicon, then taxing the very same amount once again in the hands o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es were liable to be assessed in the hands of the assessee on the ground that the transaction between the assessee and Minicon was a sham and bogus transaction cannot be accepted. Accordingly, the second question is answered in favour of the assessee and against the Revenue. 4. In view of our answer to question (B), question (A) becomes academic and, hence needs no consideration. 5.As regar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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