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TMI Blog2014 (5) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... acquiring the properties and letting them out, the matter may be remanded to the AO to verify and/or to examine the case of the assessee, whether they are in the business of taking land and putting up commercial buildings thereon and letting out such buildings as their profession or business – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue. - ITA No.912/2007 - - - Dated:- 11-4-2014 - Dilip B Bhosale And B Manohar, JJ For the Appellant : Sri K V Aravind, Adv. For the Respondent : Sri S Parthasarathi, Adv. JUDGEMENT Per: Dilip B Bhosale: This Income Tax Appeal is directed against the order dated 13.07.2007 passed by the Income Tax Appellate Tribunal, Bangalore Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t fall within the heading of income from house property. The relevant observations reads thus:- 26.xxxxxxxxxxx. If the intention is to exploit commercial property by putting up construction and letting it out for the purpose of getting rental income, then notwithstanding the fact that the furniture and fittings are provided to the lessee, the income from the building fall under the head 'income from house property'. But if the assessee is in the business of taking land and putting up commercial buildings thereon and letting out such buildings with all furniture as his profession or business, then notwithstanding the fact that he has constructed a building and he has also provided other facilities and even if there are two se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 5. On the other hand, Mr. Parthasarathi, learned counsel for the respondent-assessee, placed before us, copies of the return of income filed by the assessee for the Assessment years 2003-04, 2004-05 and 2005-06, to contend that the assessee is in the business of acquiring and letting out properties. 6. In this backdrop, learned counsel for the parties have stated that since the material placed on record does not clearly show that the assessee had other properties and that they are in the business of acquiring the properties and letting them out, this matter may be remanded to the Assessing Officer to verify and/or to examine the case of the assessee, whether they are in the business of taking land and putting up commercial building ..... X X X X Extracts X X X X X X X X Extracts X X X X
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