9911796707
TMI Blog2006 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... ct which provides for cancellation of registration only if the firm as registered is not found to be genuine - Even though counsel for the petitioner contended that the construction of a building by two brothers and their family members for the purpose of letting out and the actual letting out of the same is business, the petitioner itself has not made any such claim by returning the income as bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for construction of a building which is let out on rent. The firm was granted registration under the Income-tax Act for the assessment year 1989-90 and the registration was allowed to continue for the subsequent three assessment years 1990-91 to 1992-93. However, after granting renewal, the officer later noticed that there is no genuine firm in existence as the firm is not engaged in any business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... legal existence or is not genuine or is bogus, then the grant of renewal of licence is wrong and for the very same reason the registration renewed can be cancelled under section 186(1) of the Income-tax Act, 1961. On going through exhibit P5 order of the Commissioner I find that for all the relevant years the petitioner-company did not concede any income from business and the petitioner had speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of letting out and the actual letting out of the same is business, the petitioner itself has not made any such claim by returning the income as business income in the returns filed. On the other hand, the petitioner itself conceded income from house property under the specific head of "Income" provided for that under the Income-tax Act for the assessment of rental income. The argument ..... X X X X Extracts X X X X X X X X Extracts X X X X
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