Case Law Details
The facts of the case are that the assessee had leased its property at Vidyavihar to Minicon Insulated Wires Pvt. Ltd. (MIWPL) at Rs. 22,56,000, which in turn was leased out by MIWPL to various other parties, from which it was receiving rents of Rs. 1,59,34,618. The AO, relying on the orders of the preceding years, added the rents received by MIWPL at Rs. 1,59,34,618 in the hands of the assessee, holding that the rent agreement between the assessee and MIWPL was a sham, and the entire rent received by the company actually belonged to the assessee, as assessee and MIWPL are related parties.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No.: 6776/Mum/2010 – Assessment Year: 2007-08
Sahney Kirkwood Private Limited
Vs.
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The present judgment does not give the reasons of the relief given to the assessee on this count of Lease and sublease amounts. Hence we fail to appreciate in the absence of the reasons for getting relief. The amount of relief runs into crore and attachment of the order giving relief would have made the reading of the present judgment fruitful.