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TMI Blog2005 (8) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... ad 'Business'? (2) Whether the Appellate Tribunal is right in law in deleting the income from property known as 'Jadav Bungalow'?" - there is no infirmity in the conclusion arrived at by the Tribunal. Question No. 1 is accordingly answered in the affirmative, i.e., in favour of the assessee and against the Revenue. - Question No. 2 is accordingly answered in the affirmative, i.e., in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm. As per clause 5 of its partnership deed, the asses-see-firm was constituted for running a hotel at Baroda or at any other place or places and to run any other business or businesses as may be mutually agreed upon by the partners thereto. The firm consisted of five partners. One of the partners had brought in property known as "Kunj Bungalow" as capital contribution at the market value of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the property "Kunj Bungalow" was liable to be computed under the head "Business" and accordingly directed the Assessing Officer to treat the income from the said property under the head "Business". The Tribunal found that the property in question was brought into the partnership business by one of the partners for its exploitation as a business asset. That, right from the inception of the firm, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As can be seen, the Tribunal has arrived at the aforesaid findings of facts after appreciation of the evidence on record and has accordingly held that the income from the said property is required to be computed under the head "Business". Mrs. M. M. Bhatt has not been able to point out anything to dislodge the aforesaid findings arrived at by the Tribunal. In the circumstances, there is no infi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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