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TMI Blog2012 (9) TMI 226X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances and material on record, conclusion drawn by the CIT(A) is confirmed - Decided against assessee - ITA No.5051/Del./2011 - - - Dated:- 18-7-2012 - SHRI U.B.S. BEDI, AND SHRI K.G. BANSAL, JJ. Assessee by : Shri R.S. Singhvi, Adv. Revenue by : Shri Vikas K. Suryawanshi, Sr. DR ORDER PER U.B.S. BEDI: JM This appeal of the assessee is directed against the order passed by the CIT(A)-III, New Delhi dated 3.10.2011 relevant to assessment year 2006-07 whereby assessee has challenged action of CIT(A) in not accepting the claim of the assessee that property income including licence fee and parking rent is to be considered under the head income from house property and not under the head income from other sources . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tc. on account of installation of towers/antennas terrace of IMD Pacific Square, Gurgaon. In respect of income from licence fee of Rs.1,65,250/-, it is found that it includes income received from Enkay Coffee Day and Touchtel for installation of coffee counter in the lobby and a small space in the basement respectively. Apart form these, income of Rs.97,850/- has been received on account of parking rent. The assessee company is a company formed with the specific objective of building promoting and developing real estate. Therefore, the source of all of the above income derived from antenna/towers, small kiosks and parking space etc. is stockin- trade of the assessee company and accordingly, liable to be taxed under the head profits or gains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learly rental income and the deduction claimed by the assessee u/s 24(1) is correct and rightly claimed as these were rental income. So, it was pleaded for allowing the appeal. 3. CIT(A) while considering, but not accepting the plea of the assessee and placing reliance on the decision of Hon ble Calcutta High Court in case of Mukherjee Estate P. Ltd., 244 I.T.R. 01. CIT(A) opined that whatever additional income is derived over and above the letting out of property on hire cannot be treated as property income merely because of its nexus with such property, but concluded to hold that income of Rs.46,79,104/- is not to be treated as income from house property. However, he was of the considered view that these receipts should rightfully be ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30% u/s 24 by treating the income from house property and putting up antenna, kiosks and parking space is nothing but income form other sources. So, claim of the assessee has rightly been disallowed by the Assessing Officer whose action has been further confirmed by CIT(A) though with variation about treatment of the income under the head income from other sources than business income by following Calcutta High Court decision which is direct on the point where other decisions relied upon by Ld. Counsel are not on the point, but in relation to TDS u/s 194-I of the Act. Hence, not applicable. Therefore, it was pleaded for confirmation of the impugned order. The assessee claimed such income as income from house property and reduced such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by assessee from hoardings could be taken as income from house property on ground that boardings were part of building Held, no Whether, therefore, such income was assessable as income from other sources Held, yes. Section 22 of the I.T. Act, 1961 Income from house property Assessable as Whether, on facts stated under heading Income from other sources Assessable as , income of assessee from display of hoardings on top of its building could be assessed as income from house property Held, no. 7. Since, the case law applied is direct on the point, the other decisions relied upon by the Ld.Counsel for the assessee are neither relevant to the facts of the case nor on the point at issue. Therefore, considering entirety of fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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