2017 (7) TMI 739

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..... igh Court and the commencement certificate was also revoked. Totality of the facts as were discussed by the Commissioner (Appeals) and the Tribunal would show that no error has been committed in treating the income from the sale of flat as long term capital gain. Sale of hoarding, parking and cable video charges - Held that:- As observed that for last 40 years, the same is being shown as business income and the Assessee for all the previous years has accepted the same as business income. There was no reason to deviate for the present year. The evidence in this regard has also been discussed by the Tribunal. Even in respect of trade in bullion, the Assessing Officer for all the previous year has accepted that the Assessee is engaged in .....

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..... ry transaction. The solitary entry of sale and purchase of silver is nothing but camouflage and further the sale is to sister concern. The learned counsel submits that the long term lease is given to various parties for erecting towers. The same is for a period of three to fifteen years. As such, it has to be held to be house rent. It has not been shown by the Assessee that the said premises are commercial premises. The Assessing Officer has rightly come to the conclusion and held it to be a house rent income and not business income. The Tribunal has failed to discuss the said facts in its entirety and therefore arrived at erroneous conclusion. 4] The learned counsel further submits that though the open space was acquired in the year 194 .....

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..... With regard to the sale of hoarding, parking and cable video charges are concerned, it has been observed that for last 40 years, the same is being shown as business income and the Assessee for all the previous years has accepted the same as business income. There was no reason to deviate for the present year. The evidence in this regard has also been discussed by the Tribunal. Even in respect of trade in bullion, the Assessing Officer for all the previous year has accepted that the Assessee is engaged in business of trading in bullion. 9] The appreciation of the facts on the part of Commissioner (Appeals) and the Tribunal, does not appear to be perverse. In view of that, no substantial questions of law arises. The appeal as such is dism .....

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