9911796707
TMI Blog2015 (1) TMI 972X X X X Extracts X X X X X X X X Extracts X X X X ..... Annual Letting Value. To that extent, the order of the Tribunal becomes beyond the scope of appeal. Hence, we find that the issue has to be re-addressed by the Tribunal. - Decided in favour of revenue for statistical purposes. - Tax Case (Appeal) Nos.607 and 608 of 2007 - - - Dated:- 13-1-2015 - R. Sudhakar And R. Karuppiah,JJ. For the Appellant : Mr. M. Swaminathan For the Respondent : Dr Anita Sumanth ORDER (Judgment of the Court was delivered by R. Sudhakar,J.) The above Tax Case (Appeals) filed by the Revenue as against the order of the Income Tax Appellate Tribunal, were admitted by this Court on the following substantial questions of law: (i) Whether in the facts and circumstances of the case, the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer towards the Annual Letting Value, as the determination of Annual Letting Value is not in conformity with the guidelines given by the Court. 4. As against the said order of the Commissioner of Income Tax (Appeals), the Revenue pursued the matter before the Income Tax Appellate Tribunal. 5. It is the case of the Department that the order of the Assessing Officer assessing the Annual Letting Value of the vacant space under the head 'income from house property, which was confirmed by the Commissioner of Income Tax (Appeals), has not been challenged by the assessee before the Tribunal. 6. The issue that the Department pursued before the Tribunal as against the order of the Commissioner of Income Tax (Appeals) is that in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as stock in trade. The assessee is a developer of properties. The Assessing Officer has determined annual letting value of area lying vacant, which is held by the assessee as stock in trade. Ld. CIT(A) has upheld the stand taken by assessee that annual letting value of vacant area is chargeable to tax under the head 'house property'. We are unable to subscribe his view for the reasons that where a property is held as stock in trade, annual letting value cannot be brought to tax under the head 'house property' or as 'business income'. The view expressed by ld CIT(A) will be applicable in the cases, where properties are not held as stock in trade. Since the part of the property held as stock in trade cannot be brough ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
