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TMI Blog2013 (12) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... al by the Revenue is directed against the order of the CIT(A)-VII, Hyderabad dated 29.4.2011. 2. The Revenue raised the following grounds of appeal: 1. The order of the learned CIT(A) is erroneous both on facts and law. 2. The learned CIT(A) has erred both on facts and in law in holding that as the property was let out for commercial purpose, the income there from should be treated as income fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., the assessee who being the owner of the property was only exploiting the same by leasing out and realising income by way of rent. 6. The CIT(A) erred in granting relief for the expenses as business income as the assessee has not carried out any business activity. 7. The CIT(A) erred in holding the income received on let out of furniture and fixtures and generator rightly assessed as 'Income f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue is covered in favour of the assessee. The assessee constructed a warehouse/godown for specific purpose and let out the same to M/s. Hindustan Lever Ltd., and the income derived is to be treated as income from business only. This view of ours is fortified by the order of the Tribunal in ITO vs. Rasiklal & Co. (P) Ltd. (119 ITD 61) wherein the Tribunal held as under: "Assessee not merely lettin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s are that the assessee also has disclosed certain income from letting out of furniture & fixtures and generator. The Assessing Officer has treated the said income received from furniture & fixtures and generator as income from other sources. The Assessing Officer has refused to treat the same as rental income of furniture & fixtures and generator since there is no agreement between the assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. This leasing of assets cannot be isolated from the assessee's business so as to treat the income derived from furniture & fixtures and generator as income from other source. In view of this, we are of the opinion that the CIT(A) is justified in treated the income from letting out of furniture & fixtures and generator as income from business and allowing depreciation claim of the assessee. Grou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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