Sec. 27(iiib) & 269UA of Income Tax Act, 1961 - Income from house property – The assessee filed appeal against the order of CIT(A) in rejecting the appellant's contention that the rental income of Rs. 6,29,047/- received by the appellant from sub-letting of the "Kantilal House" premises to Bank of Baroda, is not taxable either u/s.22 or u/s.56 of the Act and; also holding that the appellant is a deemed owner of the aforesaid premises u/s.27(iiib)read with Section 269UA(f)(i) of the Act, and is not a 'monthly tenant' as claimed by the appellant; and in holding that the aforesaid rental income is taxable u/s.22 of the Act as 'income from house property'. Tribunal dismissed the appeal of the assessee holding that ”the tenancy was not on ‘month to month’ basis as asserted by the assessee but it was for aggregate period exceeding 12 years in terms of Sec. 269UA(f)(i). Accordingly, for the purpose of Sec. 27(iiib) r.w.s. 269UA(f)(i), the assessee was deemed owner of the property and therefore, the stated income was rightly brought to tax by revenue authorities as Income from House Property“. - NAHALCHAND LALOOCHAND P. LTD. V/s DEPUTY CIT - [2020] 204 TTJ 975 (ITAT-MUMBAI)