9911796707
TMI Blog2006 (8) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... 256(1) of the Indian Income Tax Act, has been made by the Income Tax Appellate Tribunal, Ahmedabad Bench "A", at the instance of the Revenue which is dissatisfied with the order of the Income Tax Appellate Tribunal who is aggrieved by the order passed by the Income Tax Appellate Tribunal in Income Tax Appeal No. 266/Ahd/90 (Annexure "'C") in the Reference Book. [We must record that, in most of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee filed revised Return submitting that a part of its property was given on rent and the income derived on that basis should be computed under the head "Income from house property" and not as business income. The Assessing Officer, during the course of the assessment proceedings, observed that the expenses on maintenance of the property were debited to the profit and loss account and so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmits that if the property is used as a property, then any income derived from the property would be an income from property, but if the property is used as a stock, then any income from the stock would not be an income from the property. He submits that the analogy applied by the Tribunal is patently illegal. 6. We have heard Mr. Naik at length. None appears for the respondent, despite service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct the property and sell it or to construct and let-out the same, then that would be the "business" and the business stocks, which may include movable and immovable, would be taken to be "stock-in-trade", and any income derived from such stocks cannot be termed as "income from property". Even otherwise, it is to be seen that there was distinction between the 'income from business" and "income from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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