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TMI Blog2001 (6) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... eting the income from house property or property standing in the name of the assessee's wife from the total income of the assessee?" The assessee is an individual. He filed the return for the assessment year 1981-82 on August 28, 1981, showing a total income of Rs.32,360. During the course of assessment for the assessment year 1981-82, the Income tax Officer found that the assessee's wife entered into an agreement for purchase of a flat at 12, Loudon Street, Calcutta, for a consideration of Rs.79,850 and the aforesaid flat was occupied by the assessee in May, 1980. When the source of investment was enquired, the Assessing Officer further found that the assessee's wife was a housewife having no independent source of income. He, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 97 and 1484 of Rs.14,000. 10. The amount received from J. L. Morison Son and Jones (I) Ltd., Bombay, towards his salary and leave encashment for the month of April, 1980, of Rs.2,236." The Income-tax Officer has taken the view that the money invested in the flat and occupied by the assessee is property of the assessee and whatever capital gain or income is derived from the flat upon purchase in 1973 is income of the assessee. In appeal before the Appellate Assistant Commissioner, the Appellate Assistant Commissioner allowed the appeal. In the appeal before the Tribunal, the Tribunal has also confirmed the view taken by the Appellate Assistant Commissioner mainly on the basis that the flat in question was allotted in the name of Gayatri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sary to consider the income in the hands of the purchaser or the seller. At page 653, their Lordships observed as under: "We are conscious of the settled position that under the common law, 'owner' means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, Registration Act, etc, But in the context of section 22 of the Income-tax Act, having regard to the ground realities and further having regard to the object of the Income-tax Act, namely, 'to tax the income', we are of the view, 'Owner' is a person who is entitled to receive income from the property in his own right." When their Lordships have taken the view that having regard to the ground realitie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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