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SUPREME COURT
R. M. Lodha, Kurian Joseph, Rohinton F. Nariman, JJ.
Nahalchand Laloochand Pvt. Ltd. (M/s) v. Assistant Commissioner of Income Tax Mumbai and Others
| Table of Content |
|---|
| 1. application of income tax provisions on long-term tenancy. (Para 1 , 2 , 3) |
| 2. requirement for the tribunal to reassess factual determinations. (Para 4 , 5) |
| 3. final orders set aside for reconsideration by the tribunal. (Para 6 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24) |
1. One of the questions for consideration before the High Court was whether Income Tax Appellate Tribunal was in error in covering the income from house property named Kantilal House under S.27(iiib) of the Income Tax Act , 1961 (For short, " Income Tax Act "). The High Court observed that tenants from month to month or which are for a period not exceeding one year are excluded from the definition. However, it held that the assessee was a tenant for a long period and let out the premises to Bank of Baroda and, therefore, the income therefrom would be covered by S.27(iiib) and not the exclusion clause. S.27(iiib) reads as under: -
27. "Owner of the house property", "annual charge", etc., defined. - For the purposes of S.22 to 26 -
xxxx xxxx xxxx
(iiib) a person who acquires any rights (excluding any rights by way of a lease from month to month or for a period n
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