2013 (10) TMI 160

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..... p firm and this is the only income of the partnership firm and the said income is coming from letting out of the commercial complex, the assessing authority held the income is to be assessed under the heading 'income from house property' which was erroneously assessed as 'income from business' - The said order has been confirmed by both the Appellate Authorities after dwelling into the statutory p .....

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..... 43(2) and 142(1) were issued on 26-5-2005. The assessee filed his objections contending that the said notice has not been issued within 12 months from the date of filing of the return. Accepting the said contention, proceedings were dropped. Further, notice under Section 148 of the Act was issued to the assessee on 13-7-2006. In reply to the same, the assessee submitted that the return filed on 8- .....

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..... ds and reasons and to make available to the appellant to make submissions thereof before upholding jurisdiction under Section 147 and secondly the income belongs to partnership, which was formed, to carry on the business and therefore the income of the partnership firm has to be assessed under the heading business income' and not 'income from house property'. We do not see any merit in either of t .....

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