Law:

Section:

Section 27(iv) of the Income-tax Act, 1961 [Corresponding to section 9 of the Indian Income-tax Act, 1922] - Income from house property - Owner of house property - Assessment years 1953-54, 1954-55 and 1957-58 - Assessee acquired certain property raising loan from one 'R' - Subsequently, assessee came to an agreement with 'R' whereby latter accepted half share in said property in lieu of loan - Said arrangement was effected on 1-11-1951, that is, after creation of Pakistan, within whose territory property fell and had been declared an evacuee property vesting in Custodian there - ITO disallowed assessee's claim to take into consideration income and loss in respect of said property under section 9 of 1922 Act - Whether in view assessee's own case pertaining to same property in CIT v. R.B. Jodhamal Kuthiala [1968] 69 ITR 598 (Delhi) [FB] assessee did not continue to be owner of said property for purposes of computation of loss under section 9 of 1922 Act and, hence, neither annual letting value could be included in income nor could assessee be allowed reduction claimed under section 9 of 1922 Act - Held, yes Section 28(i) of the Income-tax Act, 1961 [Corresponding to section to section 10(1) of the Indian Income-tax Act, 1922] - Business income - Chargeable as - Assessment year 1957-58 - As a consequence of excess profits tax assessments set aside by Tribunal followed by fresh assessments, assessee received not only excess profits tax paid under section 14A(7) of Excess Profits Tax Act, but an amount of interest under same provision - Tribunal held that interest amount be taxed - Whether when amount originally paid as excess profits tax under a provisional assessment under section 14A of excess Profit Tax Act, 1940 is paid out of business profits it bears character of a business income and that being so when assesee gets it back from department as a refund under sub-section (7) of section 14A of 1940 Act along with accretions thereto, it continues to bear same character and, it would be subjected to tax as business income or profits and in no other capacity - Held, yes FACTS-I The assessee had acquired a property after raising loans from the bank as well as from…

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