Income from house property - Deemed Owner (Lease) - Assessee was a tenant of a house

IT : Where High Court and Tribunal without considering period of lease held assessee as deemed owner of a premises under section 27, matter was to be remanded for reconsideration
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[2014] 52 taxmann.com 157 (SC)
SUPREME COURT OF INDIA
Nahalchand Laloochand (P.) Ltd.
v.
Assistant Commissioner of Income-tax, Mumbai*
R.M. LODHA, CJ.
AND KURIAN JOSEPH, J.
CIVIL APPEAL NO. 1930 OF 2007†
SEPTEMBER  24, 2014
Section 27, read with section 269UA, of the Income-tax Act, 1961 - Income from house property - Deemed Owner (Lease) - Assessee was a tenant of a house - It had let out premises of that house to a bank - Tribunal and High Court considering assessee as deemed owner under section 269UA(f)(i) held that income received by assessee from that house property will be taxable under section 27(iiib) - However coming to above conclusion High Court and Tribunal did not take into consideration period of lease of that premises which is an essential pre condition under section 269UA(f)(i), i.e. twelve years - Whether in such circumstances matter was to be remanded to Tribunal for reconsideration - Held, yes [Paras 4 and 6] [Matter remanded/In favour of assessee]