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TMI Blog2011 (4) TMI 1160X X X X Extracts X X X X X X X X Extracts X X X X ..... sion in favour of the Revenue, and against the assessee - 240 of 2006 - - - Dated:- 13-4-2011 - SUDHIR KUMAR KATRIAR, SAMARENDRA PRATAP SINGH, JJ. JUDGMENT Sudhir Kumar Katriar J.- 1. The Department of Income-tax has pre- ferred this appeal under section 260A of the Income-tax Act, 1961 (here- inafter referred to as "the Act"), and is directed against the order dated February 28, 2006, passed by the learned Income-tax Appellate Tribunal, Patna, in I. T. A. No. 133/Pat/04. The learned Tribunal reversed the order of the learned Commissioner of Income-tax (Appeals)-II, Patna, and has held that the income from rent of the assessee's property in question should be treated as business income. 2. Before we proceed further, we w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td. v. CIT [1961] 42 ITR 49 (SC) exactly identical facts had held that the income realized from the tenant of the shop and stall are income received from property as distinct from business which has been followed in CIT v. Surat Textile Market Co-operative Shops and Warehouse Society Ltd. [2003] 264 ITR 289 ; 132 Taxman 146 ? (5) Whether the decision of the Tribunal is contrary to the view expressed by the hon'ble Supreme Court and is fit to be set aside ?" 4. A brief statement of facts essential for the disposal of the appeal may be indicated. The present appeal is with respect to the assessment year 1996-97. The assessee is a company and owns flats in a multi-storied com- plex known as "Kumar Tower", Boring Canal Road, in the town ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act which is headed "Income from house property". The same is to the effect that the annual value of the property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner shall be chargeable to income- tax under the head "Income from house property", except such portions of such property as the assessee may itself occupy for the purpose of any business or profession carried by it the profits of which are chargeable to income-tax. In other words, the income from all house property shall be treated as income from house property, except those which are in occu- pation of the assessee itself for the purpose and is being used for business or profession. In the present case, admittedly the property is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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