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TMI Blog2016 (6) TMI 1289X X X X Extracts X X X X X X X X Extracts X X X X ..... by treating the income so received as “income from other sources”. We direct accordingly. - ITA No.3531/Mum/2014 - - - Dated:- 6-6-2016 - SHRI R.C.SHARMA, AM SHRI AMIT SHUKLA, JM Assessee by : Shri Haresh G. Buch Ms. Monica Agarwal Revenue by : Shri N.K.Chand O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the assessee against the order of CIT(A)-Mumbai, dated 20-2-2014, for the assessment year 2010-2011, in the matter of order passed u/s.143(3) r.w.s.263 of the I.T.Act, wherein the assessee has raised the following grounds :- Grounds I: 1. On the facts and circumstances of the case and in law, the Commissioner of Income-tax (Appeals) - 17, Mumbai ( the CIT(A) ) erred in confirming the actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessing the income earned from M/s. Nortel Network Private Limited under the head Income from House Property . 3. The Appellant prays that the said rental income be assessed under the head Income from Business or Profession as against the Income from House Property . Without Prejudice to the Above: Ground Ill: 1. On the facts and circumstances of the case and in law, the CIT(A) erred in confirming the action of the AO in assessing the alleged rental income under the head Income from House Property . 2. He failed to appreciate and ought to have held that the same was temporally let out along with various facilities to the sister concern. 3. The Appellant prays that the said amount (to the extent held as income) be conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the shared expenses. 2. The Appellant prays that for the purpose of disallowance, the AO be directed to consider only building .related expenses. Ground VI: I. On the facts and circumstances of the case and in law, the CIT(A) erred in confirming action of the AO of charging interest u/s. 234 of the Act. 2. The Appellant prays that the AO be directed to delete / appropriately reduce the interest u/s.234. 2. Rival contentions have been heard and record perused. Facts in brief are that the assessee had entered into an agreement with its sister concern for sharing of certain common facilities and not for renting of the premises in favour of the sister concern. However, the AO treated the amount received by assessee as income from h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject of buying and developing landed property(ies) [83 ITR 700 (SC)] in the case of S.G. Mercantile Corporation (P) Ltd. vs. CIT. It does not make any difference that the property constitute stockin-trade of a business of the assessee is to let out properties [ORM SP SV Firm vs. CIT - 1960 - 39 ITR 327 (Mad). 5. On the other hand, ld. DR relied on the order of lower authorities and contended that the AO has correctly taxed the rental income as income from house property. 6. We have considered rival contentions and also deliberated on the judicial pronouncements cited at bar by ld. AR and DR in the context of factual matrix of instant case. From the record we found that this issue has already been decided by Tribunal in assessee s own ..... X X X X Extracts X X X X X X X X Extracts X X X X
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