East India Housing and Land Development Trust Ltd. v. CIT

42 ITR 49Supreme Court of India1961#680 most cited

What is East India Housing and Land Development Trust Ltd. v. CIT authority for?

Rental income from immovable property owned by an assessee must be assessed under the head 'Income from House Property' (Section 22), even if the assessee is engaged in the business of real estate or property development and leasing. This emphasizes the mandatory classification of income under its specific statutory head.

147

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2005 to 2026.

Also referred to as

East India Housing and Land Development Trust Ltd. v. CIT · 42 ITR 49 · rental income · income from house property · Section 22 · Section 24 · business income · classification of income · real estate business · property leasing · heads of income

Sections most often in play

Section 143(3)Section 22Section 14Section 10(3)Section 132Section 153ASection 153CSection 24

Issues it is cited on

section 24(a)annual valuehouse property incomesection 194iinterest on securitiessection 22profits and gains of business or professionsection 45section 24fair market valueincome from other sourcessection 32

Judgments citing East India Housing and Land Development Trust Ltd. v. CIT

M/S Chennai Properties & Invest. Ltd vs. Commr. of Income Tax Central III, T.N

The appeals are disposed of in terms of the aforesaid

C.A. No.-004494-004494 - 2004Supreme Court09 Apr 2015

…ty. A perusal of the impugned judgment of the High Court would show that it has primarily rested its decision on the basis of the judgment of this Court in 'East India Housing and Land Development Trust Ltd. v. Commissioner of Income Tax, West Bengal [(1961) 42 ITR 49] as well as the Constitution Bench judgment of this Court in 'Sultan Brothers (P) Ltd. v. Commissioner of Income Tax' [1964 (5) SCR 807]. C.A. No. 4494/2004 etc. 2 Page 3 JUDGMENT From the aforesaid facts, it is clear that the question which is to be determined on the facts of this case is as to whether the income derived by the co…

M/S Chennai Properties & Invest. Ltd vs. Commr. of Income Tax Central III, T.N

The appeals are disposed of in terms of the aforesaid

C.A. No.-004494-004494 - 2004Supreme Court09 Apr 2015

…ty. A perusal of the impugned judgment of the High Court would show that it has primarily rested its decision on the basis of the judgment of this Court in 'East India Housing and Land Development Trust Ltd. v. Commissioner of Income Tax, West Bengal [(1961) 42 ITR 49] as well as the Constitution Bench judgment of this Court in 'Sultan Brothers (P) Ltd. v. Commissioner of Income Tax' [1964 (5) SCR 807]. C.A. No. 4494/2004 etc. 2 Page 3 JUDGMENT From the aforesaid facts, it is clear that the question which is to be determined on the facts of this case is as to whether the income derived by the co…

Commissioner of Income Tax vs. M/S. Ansal Housing Finance and Leasing Co. Ltd

The Appeals are disposed of in the above terms without any order on costs

ITA-18/1999HC Delhi31 Oct 2012

…n the case cited, i.e. Azimganj Estates, the assessee in the present case did not actually let out the vacant flats; it was not even in the business of renting out its flats, unlike in the case of East India Housing and Land Development Trust v CIT (1961) 42 ITR 49, or in Sultan Brothers v CIT 54 ITR 353. Learned counsel submitted that letting out vacant or other properties was not part of the business or objectives of the assessee, and its 2012:DHC:6622-DB ITA 18/99, 56,57,105, 107,109,114,177/01, 88/02 111, 321,498/03,227,336,529,690/04,212/05 Page 6 case stands on a better footing than the other…

M/s Lavish Apartment (P.) Ltd

ITA/254/2006HC Delhi23 Jul 2012
Section 72(1)

…e assessment year 1995-96. It follows that the brought forward business loss can be set off against these items of income. 21. It was said on behalf of the Revenue that in the judgment in East India Housing and Land Development Trust Ltd. v. CIT, (1961) 42 ITR 49 it has been held that the income realised from the tenants of the shops and stalls built by a company, incorporated with the object of buying landed properties and promoting and developing markets in Calcutta, was not liable to be taxed under the head “profits and gains of business” because there was a specific provision in the Act to assess su…

Commissioner of Income Tax Delhi IV vs. D.S.Promoters & Developers P. Ltd

The Appeal is dismissed but with no orders as to costs

ITA/654/2008HC Delhi01 May 2009

Bench: HON'BLE MR. JUSTICE VIKRAMAJIT SEN,HON'BLE MR. JUSTICE RAJIV SHAKDHER

Section 22Section 260ASection 28

…ircumstances of the each case; the determination would be from the perspective of the businessman; a commercial asset is only an asset used in a business and nothing else. In East India Housing and Land Development Trust Ltd. –vs- CIT, West Bengal, [1961] 42 ITR 49 it has been held that income derived from the shops and stalls constructed by the Assessee was income received from property and did not partake of the nature of income from profits and gains from business. Karanpur Development Co. Ltd. –vs- CIT, West Bengal, [1962] 44 ITR 362 lays down that the transactions of acquiring leases and granting…

Ocean Structures (P) Ltd vs. Asst. Commissioner of Income-Tax

The appeal is dismissed

ITA/392/2007HC Delhi25 Oct 2007
Section 22Section 260ASection 28

…* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : October 22, 2007 Date of Decision : October 25, 2007 + ITA No. 392 of 2007 OCEAN STRUCTURES (P) LTD. .......Appellant Through : Mr. Krishan Mahajan, Advocate. versus ASST. COMMISSIONER OF INCOME-TAX ...Respondent Through: Ms. Sonia Mathur, Advocate. CORAM: HON'BLE MR. JUSTICE MADAN B. LOKUR HON'BLE DR. JUSTICE S. MURALIDHAR 1. Whether Reporters of local papers may be allowed to see the judgment? Yes 2. To be referred to the Reporter or not? Yes 3. Whether the judgment should be r…

Commnr. of Income Tax, Mumbai vs. D.P. Sandu Bros Chembur (P) Ltd

C.A. No.-002335-002335 - 2003Supreme Court31 Jan 2005
For Respondent: D.P. Sandu Bros. Chembur (P) Ltd
Section 10(3)Section 2(24)(vi)Section 45Section 48Section 55(2)Section 56

…http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 4 CASE NO.: Appeal (civil) 2335 of 2003 PETITIONER: Commissioner of Income Tax, Mumbai RESPONDENT: D.P. Sandu Bros. Chembur (P) Ltd. DATE OF JUDGMENT: 31/01/2005 BENCH: Ruma Pal,Arijit Pasayat & C.K. Thakker JUDGMENT: J U D G M E N T RUMA PAL, J. The primary question involved in this appeal is whether the amount received by the respondent-assessee on surrender of tenancy rights is liable to capital gains tax under Section 45 of the Income tax Act, 1961. The assessment year in question is 1987-88. The lease agreemen…