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TMI Blog2017 (8) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... -06, the income from the same was assessed as a business income. The assessment for the year 1995-96 was completed under Section 143(3) of the Income Tax Act. So also, for the assessment year 2003-04 and assessment year 2005-06, the assessment was completed under Section 143(3) of the Income Tax Act. The claim of the assessee of the said income being a business income was accepted. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lved the long terms lease of a property which should be rightfully taxed as house property income ? 2. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in dismissing the revenue's appeal of determining the FMV in terms of section 23(1)(a) of the Act on the basis of deposits received in lieu of leasing the house property ? 3. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hotel and the respondent has rented his premises wherein he was carrying on hotel business to another person. Such an income received by leasing the hotel has to be considered as an income from house property. The learned counsel relies on the judgment of Madras High Court in the case of Keyaram Hotels Pvt. Ltd. vs. Assistant Commissioner of Income Tax reported in [2008] 300 ITR 118 (Mad). Accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act. So also, for the assessment year 2003-04 and assessment year 2005-06, the assessment was completed under Section 143(3) of the Income Tax Act. The claim of the assessee of the said income being a business income was accepted. 8 The assessee is not receiving any rent amount but is receiving 1% of the total revenue earned by KHIL and does not get any fix amount as rent. These aspect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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