Tenant is Deemed Owner in case of Long Term Lease & Rent Taxable as House Property Income

Nahalchand Laloochand (P) Ltd. Vs. DCIT (ITAT Mumbai) The issue under consideration is whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as ‘income from house property’ or not? ITAT states that, the assessee was in occupation of Kantilal House since the year 1948 and continues to do so even today which prima-facie would establish that the premise was taken under long-term lease. In the absence of any written contract, the submissions that tena...