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TMI Blog2016 (6) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... - MR. JAYANT PATEL AND MR. B.SREENIVASE GOWDA JJ. For the Appellant: Sri. E.I. Sanmathi, Advocate) JAYANT PATEL J. JUDGMENT The appellants-Revenue have preferred the present appeal by raising the following substantial questions of law: Whether on the facts and in the circumstances of the case, the Tribunal erred in holding that the income of the assessee has to be treated income from house property and not as income from business even when the assessing authority rightly treated income of assessee as business income since assessee had systematically involved in the business of letting out industrial sheds with all facilities and carried out composite activity of constructing sheds and letting out for business pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial on record; including the judicial decisions cited and relied upon. We find from the details placed on record by the assessee that he has been offering to tax the rental income received from the letting out of these properties as Income from House Property since Assessment Year 2003-04 onwards and the same has been accepted by the Department. The learned Authorised Representative has also drawn our attention to pages 54 and 57 of the Paper Book filed on 4.3.2015, which is the assessment order passed under Section 143(3) rws 147 of the Act for Assessment Year 2007-08 dt.21.12.2010 in the assessee s own case, wherein the Department has assessed the rental income received from letting out of the assessee s properties as Income from Hous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Hon ble Karnataka High Court in the case of Bhoopalam Commercial Complex and Industries Pvt.Ltd. (supra) following the decision of the Hon ble Apex Court in the case of Podar Cements P.Ltd.(supra), held that despite the fact that the assessee had as one of its objects the activity of constructing commercial complexes and earning rent therefrom, the fact that the rent is earned from out of letting out of a property, the same has to be necessarily taxed under the head Income from House Property and reversed the order passed by a co-ordinate bench of this Tribunal in the said case. 6.3.4 In the case of Shambhu Investments Pvt.Ltd. (supra), the Hon ble Apex Court confirmed the decision of the Calcutta High Court, in the same case, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Be it recorded that in the present case, the assessment year was of 2005-2006, whereas for the subsequent year as referred to hereinabove for 2007- 2008, the Department has accepted the rental income of the assessee as income from the house property . 7. It is not the case of the appellants-Revenue that the aforesaid decision dated 21.12.2010 of the regular assessment for the assessment year 2007-08 has been carried before the higher forum or a different view is taken. Under the circumstances, when the aforesaid stand of the department in respect of the very assessee for the subsequent assessment year is accepted by the Department itself, the Tribunal has rightly found that the income cannot be treated as the business income . It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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