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TMI Blog2017 (5) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... izing rent etc. Thus set aside the order passed by the learned CIT(A) and direct the Assessing Officer to assess the rental income under the head "income from business". See Chennai Properties and Investments Ltd. [2015 (5) TMI 46 - SUPREME COURT] - Decided in favour of assessee - I.T.A. No. 6943/Mum/2016 - - - Dated:- 3-5-2017 - B.R. Baskaran, Member (A) For Appellant: M.S. Mathuria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal. 3. At the time of hearing learned AR submitted that the assessee company was formed with objective of acquiring lands and buildings, developing and managing them, realizing rents and profits from them etc. In this regard, he invited my attention to the main object of the assessee-company which reads as under:- To carry on business of acquiring lands and buildings, developing and man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ACIT Vs. M/s. Stellar Developer Pvt. Ltd. (2015) 68 SOT 34 and the same has been decided in favour of the assessee. Learned AR submitted that the assessee does not have any other income except rental income. Learned AR also submitted that the learned CIT(A) has considered the identical issue in favour of the assessee in assessee's own case in A.Y. 2011-12 and he has accepted the contention of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder passed by the learned CIT(A) in A.Y. 2010-11 as the tax effect involved therein was minimal. He submitted that the Ld. CIT(A) has decided an identical issue in favour of the assessee in A.Y. 2011-12. 7. Having heard the rival submissions, I am of the view that there is merit in the contentions of the assessee, as the assessee-company has been formed with the objective of acquiring and deve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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