2001 (9) TMI 56

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e-tax, the Income-tax Appellate Tribunal, Ahmedabad Bench "C", has referred the following question of law for the opinion of this court: "Whether, the Appellate Tribunal is right in law in allowing reduction of Rs.2,69,194 on account of property income?" The assessment year is 1979-80 and the relevant accounting period is commencing from July 1, 1977, and ending on June 30, 1978. The assessee e .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... etting value for seven months. The Commissioner of Income-tax (Appeals) came to the conclusion that the assessee-company was left with merely a technical or formal ownership of the immovable property and as the immovable property formed part of the industrial undertaking whose control and management vested with the vendee, there was no question of assessing the proportionate income from property .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ncome-tax Act, 1922, the owner must be "that person who can exercise the rights of the owner, not on behalf of the owner but in his own right". Therefore, in light of the aforesaid ratio the liability to pay tax on income from property is clearly on the person who receives or is entitled to receive the income from property in his own right. In light of the facts stated hereinbefore and applying t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X