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TMI Blog2018 (2) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... pellants submit that the above income is taxable as income from business e do not find any substance in assessee’s appeal. The assessee could not claim any expenditure from Income from House Property outside the ambit of Section 24. The expenditure as claimed by the assessee was not covered by the statutory provisions and hence not allowable. The interest income was earned from Capital Gains Bonds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne has appeared for assessee despite notice and no adjournment application is on record. Since adequate opportunity of being heard has already been provided to the assessee on various occasions as per order sheet entries, we proceed to disposeoff the same on the basis of material available on record and after hearing Ld. Departmental Representative [DR]. The assessee has raised the following effec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and the ITO be given suitable directions in the matter. 2.1 Facts leading to the same are that the assessee being resident corporate assessee engaged in the business of warehousing and letting out of House Property was assessed at loss of ₹ 12,53,864/- after certain additions / adjustments as against returned loss of ₹ 36,89,118/- filed by the assessee on 30/09/2008. 2.2 During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... comes aggregating to ₹ 48,407/- was claimed as Business Income. All these incomes, in the opinion of Ld. AO, were assessable under the head Income from Other Sources. 3. Aggrieved, the assessee contested the same without any success before Ld.CIT(A) vide impugned order dated 30/03/2013 where the stand of Ld. AO was confirmed. Aggrieved, the assessee is in further appeal before us. The Ld. D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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