MIRA KULKARNI Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) On 28th February, 2011 while admitting the present appeal under Section 260A of the Income Tax Act, 1961 (Act, for short) in the case of Mira Kulkarni, the appellant, the following substantial question of law was framed:

(2.) The appeal pertains to the assessment year 2003-04.

(3.) The appellant is an individual and a part owner of property situated at Anand Kashi Farms, Post Pffice Gular Dogi, Zila Tehri Garwal, Uttaranchal. A portion of the property, pursuant to an agreement dated 1st April, 1999 with Neemrana Hotels Private Limited, is being used as a hotel. The appellant-assessee is entitled to minimum guaranteed amount of Rs.90, 000/- per quarter or 30% of the gross operating profits whichever is higher. The gross operating profits are calculated for every quarter in terms of the said agreement.