9911796707
TMI Blog2016 (7) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... preciation claimed by the assessee has been allowed by the Tribunal. Thus we find no infirmity in the conclusion of the learned CIT(A) to treat the rental income as business income instead of income from house property. - Decided against revenue - ITA No.58/Mum/2015 - - - Dated:- 18-7-2016 - Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Revenue by Shri Kailash Kanojiya Assessee by Shri Sarad Desai O R D E R Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 28/10/2014 of Ld. Commissioner of Income Tax, with regard to the direction of the CIT(A) to treat the rental income as business income instead of income from house property. 2. Durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income on 31.10.2007 declaring total income of Rs. Nil. Effective Ground of appeal is about holding rental income as business income. During the assessment proceedings AU found that the assessee was engaged in the business of leasing, property-management-services and business centre facilities, that it had shown lease income on account of lease rent of its premises at ₹ 1,49,67,056/- and lease income of plant machinery at ₹ 72,00,000/-,that it had claimed administrative expenses of ₹ 16,95,993/-, that net profit had been arrived at ₹ 81,67,346/-,that the assessee company had claimed lease rent as business income. He asked the assessee, vide questionnaire dated 17.09.2008,to explain as to why the rental inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... predecessor, CIT(A) in Assessment Year 2006-07 on this issue are as under: In the appellate proceedings, the Authorised Representative of the appellant brought to my knowledge the decision of ITAT Mumbai Bench in the case of Assessment year 2001- 02 and also in Assessment Year 1997-98 dated 29.02.2008 in ITA No. 2328/Mum12004 herein ITAT allowed the appeal of the appellant and dismissed appeal of the department holding that rental receipts by leasing activity is required to be taxed under the head business income. Following the decision of ITAT I hold that the rental receipts of the appellant are required to be taxed under the head business income. In the assessment order the Assessing Officer has not allowed expenses of ₹ 49,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no legal infirmity in his order. Therefore, respectfully following the orders of the Tribunal for earlier years and confirming the order of the FAA, we decide effective ground of appeal against the AO. As a result, appeal filed by the AO stands dismissed. 2.2 We find that the issue before us is with respect to direction to treat the rental income as business income instead of income from house property . It is noted that the Tribunal in the case of assessee itself for Assessment year 2007-08, following the decision of Assessment year 2006-07 decided the issue in hand to treat the rental income as business income . Before us the learned representatives from both sides fairly agreed that the impugned issue is covered in favour o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
