Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-tax Act. Since ownership of the land and building remained with MSRTC, lease receipts could not be taxed under the house property head.
The Tribunal deleted a ₹96.23 crore disallowance after finding that the liabilities crystallised during the relevant assessment year. It ruled that the Assessing Officer failed to prove that the liabilities had arisen and become ascertainable in earlier years.
