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TMI Blog2015 (1) TMI 972X X X X Extracts X X X X X X X X Extracts X X X X ..... der the head 'Income from house property' when the said issue was not in appeal before the Tribunal? (ii) Whether in the facts and circumstances of the case, the Tribunal was right in holding that the Annual letting value of the rate of Rs. 170/- cannot be adopted for the vacant area of the land held by the assessee even though the assessee had returned the said value while arriving at the closing stock?" 2. The assessment in these cases relates to the assessment years 1998-99 and 1999-2000. The respondent/assessee is engaged in the business of civil construction. The Assessing Officer, while completing the assessment in respect of the assessment years in question, found that certain area of land was vacant and was neither sold no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f.t. and 42,246 sq.ft. respectively, based on the closing stock value of the assessee's statement, the rate has been fixed for determining Annual Letting Value at Rs. 170/- per sq.ft. and that was added to the income. It was also the case of the Department that the Commissioner of Income Tax (Appeals) was not justified in deleting the additions while upholding the assessment of Annual Letting Value of vacant space under the head 'income from house property' by the Assessing Officer. 7. The Tribunal, however, in paragraph 4 of the order, took a different view and upheld the order of the Commissioner of Income Tax (Appeals) holding that the property in question was held as stock- -in-trade and therefore the Annual Letting Value c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied in estimating annual letting value and assessing the same as 'income from house property'. Accordingly for different reasons as mentioned above, we uphold the order of CIT(A), deleting the addition made by the Assessing Officer." 8. Aggrieved by the order of Tribunal, the Revenue is before this Court. 9. Learned Standing Counsel appearing for the Revenue submitted that the Tribunal while taking note of the order of the Commissioner of Income Tax (Appeals) holding that it is a case of income from house property, there was no justification in deleting the addition. He further submitted that the Department's appeal before the Tribunal was against the order of deletion of addition made towards the determination of Annual Lett ..... X X X X Extracts X X X X X X X X Extracts X X X X
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