Income Tax Appellate Tribunal Itat Hyderabad Court April 1989 Judgments Home Cases Income Tax Appellate Tribunal Itat Hyderabad 1989 Page 1 of about 1 results (0.021 seconds)

Hotel Krishna Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD273(Hyd.)

1. This is an appeal filed by the assessee firm against the order of Commissioner of Income-tax (Appeals)-I, Hyderabad dated 29-7-1986 and it relates to assessment year 1982-83 for which the previous year ended by 31-3-1982. For this assessment year continuation of registration was granted to the assessee firm. The business of the assessee was running of a lodging house and letting out of shops and to collect the monthly rentals from the tenants. It may here itself be mentioned that M/s.B.R. Associates entered into a lease agreement dated 7-4-1966 for a period of 33 years on a stipulation to pay. an yearly rent of Rs. 42,000. M/s B.R. Associates under the covenant of the above lease deed undertook to raise new constructions worth Rs. 7 lakhs on the leased premises. The assessee firm took on sub-lease from M/s B.R. Associates the premises bearing municipal Nos. 6-1-1082/B and shops bearing Nos.6-1-1082/1 to 17 and residential flats bearing Nos. 6-1-1081/1 to 4 and an open area admeasur...