RAJ DADARKAR ASSOCIATES vs ACIT -CC-46

The Supreme Court addressed the interpretation of ownership under Section 22 and Section 27 of the Income Tax Act, 1961, determining that the appellant, having made significant investments in constructing and maintaining the market portion, qualifies as the owner for tax purposes. The Court held that the income generated from the shopping centre should be classified under 'income from House Property' rather than 'Profits and Gains from Business or Profession', affirming the Tribunal's decision. The appeal was dismissed, upholding the Tribunal's findings as not perverse or based on conjecture.