Law: Income Tax Act, 1961

Section: 256(1),9,24(1)(ix),22,23,25A,16

Section 22 of the Income-tax Act, 1961 - Income from house property - Chargeable as - Assessment years 1968-69 to 1972-73 - Assessee-company which was carrying on business of ginning and spinning, constructed a textile mill and also acquired substantial properties for aforesaid purpose - It constructed buildings and godown on lands owned by it - It closed down its business in 1946 and started selling its assets - Some of aforesaid buildings were also let out - On 16-1-1964 it passed a resolution modifying its memorandum of association by including some other activities, such as purchasing or acquiring of lands and building and selling it or to lease it - Whether income received by it as rent from building leased out was assessable as income from house property and not as its business income - Held, yes Section 23 of the Income tax Act, 1961 - Income from house property - Annual value - Whether proviso to section 23(1) can be availed of only if property was in occupation of tenant - Held, yes - Whether, while determining annual value of property, municipal taxes paid by owner of property could be deducted where property was vacant - Held, no - Whether, where annual value assessed in earlier years was reduced because of decision of competent Court, excess annual value assessed in earlier years could be set off against income from house property in subsequent year - Held, no Section 24(1)(ix) of the Income-tax Act, 1961 - Income from house property - Deductions from - Assessment years 1968-69 to 1972-73 - Whether property which was not let out during relevant accounting year and was vacant, was entitled to vacancy allowance - Held, no FACTS The assessee-company, which was doing business of ginning and spinning, constructed a textile mill and also acquired substantial immovable properties for the aforesaid purpose and over which godown and office buildings were constructed. The business of ginning and spin- ing was closed years ago. The assessee started selling its business assets. On 16-1-1964 the assessee passed a resolution modifying its memorandum of association by including some other activities such as purchasing or acquiring lands and buildings, to build…

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