9911796707
TMI Blog2012 (8) TMI 327X X X X Extracts X X X X X X X X Extracts X X X X ..... , respectfully following the precedent direction to tax the license fees for the entire year at Rs.18.97 lakhs as business income. Assessment of income as ‘Income from house property’ - Held that:- As the assessee had filed a copy of the Occupation Certificate received from Municipal Corporation & contended that the he was allowed possession of the premises much after the close of the financial year. Since this Certificate from Municipal Corporation came into existence after the passing of the assessment order and it will be just and fair if the impugned order on this issue is set aside and the matter is restored to the file of AO. - I.T.A. No. 3798/Mum/2010 - - - Dated:- 20-6-2012 - SHRI R.S. SYAL SHRI VIVEK VARMA JJ. Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the entire year was not taken into consideration. The assessee gave some reply by contending that the license fee for the remaining 9 months would be offered to tax on receipt basis. The AO did not accept this contention. He held that the license fee from Mid-day Publications Pvt. Ltd. relatable to the whole year was liable to be taken into consideration. He further did not accept the assessee s contention that the license fee was taxable as business income. He, therefore, assessed the license fees for the full year amounting to Rs.18.97 lakhs as Income from other sources . The ld. CIT(A) echoed the assessment order on this point. 4. We have heard the rival submissions and perused the relevant material on record. It is noticed that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that this issue was there in the case of M/s Mangala International Pvt. Ltd. which has been restored to the file of AO. Respectfully following the precedent, we set aside the impugned order on this issue and send the matter to the file of AO for deciding it in conformity with the view taken by the Tribunal in the aforenoted case. 7. Ground no. 5 about interest income and interest on income-tax refund to be taxed as business income and not income from other sources , was not pressed by the ld. AR. The same is, therefore, dismissed. 8. The only other issue raised through ground nos. 6 7 is against confirmation of assessment of income at Rs.1,14,631/- as Income from house property . The facts apropos these grounds are that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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