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2018 (4) TMI 1055 - ITAT KOLKATATreating the rental as business receipts - assessee has been showing income derived from the warehouse under the head of Income from Business & Profession - Held that:- The prime object in the case before us was to provide the commercial services as discussed. No reason to interfere in the judgment of CIT(A) and accordingly conclude that the rental income in the aforesaid facts and circumstances should be treated as business income. Hence, the ground of appeal of revenue is dismissed. Addition by estimating the profit after rejection of books of accounts of the assessee - Held that:- Once the books of accounts are rejected by the AO then the profit has to be determined on estimated basis. Hence, in our considered view the impugned issue needs to be re-examined by the Ld. CIT(A) de-novo and in accordance with provision of law. Thus, the ground of appeal filed by the Revenue is allowed for statistical purposes.
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