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TMI Blog2018 (12) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... a monthly tenant. Therefore, it was incumbent upon the AO to bring material on record to establish that the assessee is enjoying property having ownership rights - it is also necessary to examine whether the provisions of Section 269UA(f)(i) is applicable to the present case or not. Since the aforesaid factual aspects have not been properly examined before treating the rental income as income from house property, restore the issue to the AO for de novo adjudication. - Decided in favour of assessee for statistical purposes - ITA No. 732/Mum/2018 - - - Dated:- 30-11-2018 - Shri Saktijit Dey, Judicial Member For the Appellant : Shri Chetan A. Karia For the Respondent : Shri S.K. Bepari ORDER PER SAKTIJIT DEY, JM T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome from business and profession. The AO called upon the assessee to explain why the rental income should not be assessed as income from house property. Though, the assessee objected to the aforesaid view proposed to be taken by the AO, however, the AO rejecting the objections of the assessee ultimately held that since as per the agreement with Movielabs Films P. Ltd. the assessee is the absolute owner and in possession of the premises, the rental income received from letting out the property has to be assessed as income from house property. Accordingly, after allowing the statutory deductions under section 24 of the Income Tax Act, 1961 (hereinafter the Act ) the AO added back an amount of ₹ 20,16,000/- under the head Income f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd.(2013) 353 ITR 16 (Bom) ii) Voltas Ltd. vs. ACIT (2008) 113 ITD 19 (Mum) (WT)(SB) 5. The learned Departmental Representative (D.R.) strongly relied upon the observations of the Departmental authorities. 6. I have considered rival submissions and perused the material on record. The core issue which requires consideration is whether the assessee can be treated as owner or deemed owner of the subject property to consider the rental income received from subletting to Movielabs Films P. Ltd. as income from house property. While it is the claim of the assessee that the assessee is holding the property on monthly tenant basis, the Department is of the view that the assessee is a deemed owner of the premises. In my considered opinion, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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