9911796707
TMI Blog2014 (7) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... ted against the Order by the Commissioner of Income Tax (Appeals)-7, Mumbai ('CIT(A)' for short) dated 30.01.2012, partly allowing the assessee's appeal contesting its assessment u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year (A.Y.) 2005-06 vide order dated 26.12.2007. 2. The brief facts of the case are that the assessee, an individual, had entered into a l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... legal possession of its house property, toward which an eviction suit has also been filed before the Hon'ble Bombay High Court. Accordingly, the amount received from NIACL (Rs.30,26,400/-) be assessed as 'business income', also allowing deduction for expenses incurred by the assessee (at Rs. 14,44,200/-). Alternatively, the rental income be assessed as business income at Rs. 60,175/- (per month), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessed by the Revenue at the returned amount of Rs. 29.784 lacs. The assessee, as informed to us by the ld. Authorized Representative (AR) during hearing, has preferred an appeal against the order of the Small Causes Court dated 20.03.2007 (supra), fixing the standard rent of the property at Rs. 60,175/- p.m. The matter with regard to the quantification of the rent payable to the assessee is subju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it needs to be appreciated that the original agreement has since expired, and which has not been extended, and which could only be at the instance of and upon agreement between the parties thereto. The standard rent could apply only to a tenant and not to one who occupies the property illegally. So, however, the compensation or rent toward the same, even from any illegal tenant, would stand to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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