Law:

Section:

I. Section 22, read with section 28(i), of the Income-tax Act, 1961 - Income from house property - Chargeable as - Assessment year 2001-02 - Assessee-company was owner of a property and had earned income by letting it out - In its return of income, it had shown such income as business income - However, Assessing Officer assessed said lease income under head 'Income from house property' - Whether since on facts, it was clear that income was generated out of exploitation of property by leasing out same and there was no commercial activity or business activity carried out by assessee to earn such income, such rental income was rightly assessed as income from house property - Held, yes II. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 2001-02 - During relevant assessment year, assessee had sold certain built up area along with undivided share of land - Assessing Officer computed taxable capital gains at Rs. 12,03,90,674 as against admitted amount of Rs. 9,88,63,664 by adopting fair market value of land as on 1-4-1981 - On appeal, Commissioner (Appeals) granted a partial relief after considering all factors for fixing fair market value as on 1-4-1981 - Tribunal also sustained said order of Commissioner (Appeals) - Whether since value of property had been determined on basis of documents produced by assessee pertaining to year 1982 and that amount had been fixed after taking stock of factual situation of locality by a personal visit, fair market value fixed by Commissioner (Appeals) and sustained by Tribunal required no interference - Held, yes FACTS-I The assessee-company was owner of a property and had earned income by letting out said premises. In its return of income, it had shown rental income as business income. However, the Assessing Officer assessed the said lease income under the head 'Income from house property'. On appeal, the Commissioner (Appeals) upheld the view of the Assessing Officer. The second appeal filed by the assessee was also dismissed by the Tribunal. On appeal : HELD-I Before the authorities under the Act as well as the Tribunal, the assessee had not placed any material to support its case that the…

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