9911796707
TMI Blog2014 (4) TMI 1218X X X X Extracts X X X X X X X X Extracts X X X X ..... r earlier years and confirming the order of the FAA,we decide effective ground of appeal against the AO - Decided in favor of assessee. - ITA No.1166/Mum/2011 - - - Dated:- 2-4-2014 - S/Sh.D.Manmohan, Vice-President Rajendra,Accountant Member Revenue by : Shri Ravi Prakash Assessee by : Shri Anuj Kisnadwala Order Per Rajendra,AM Challenging the order dt. 30.11.2010 of the CIT(A)-9,Mumbai, Assessing officer (AO) has raised following Grounds of Appeal : 1.Whether on facts and in the circumstances of the case and in law the ld. CIT(A) has erred in holding the rental income of ₹ 2,20,33,759/- should be treated as Business income . 2.On facts and in the circumstances of the case and in law, the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se had decided the issue in favour of the assessee in ITA No.2328/ Mum/ 2004 for AY.1997-98 and in ITA No.3464/ M/ 05 for AY.2001-02,vide order dated 29.02.2008. However, the AO relying upon the decision of the Hon ble Supreme Court delivered in the case of 2 ITA No.1166/Mum/2011 M/s Essar Properties Ltd. Shamboo Investment Pvt.Ltd.(263ITR143),held that income in respect of the premises owned by the assessee,was to be assessed under the head income from house property .After allowing deduction u/s.24 in respect of repairs and finance charges,he computed the income from house property at ₹ 61,21,511/-.Vide his order dated 18.12.2008 passed u/s.143(3) of the Act,he completed the assessment on a total income of Nil after allowing set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... required to be taxed under the head business income these expenses as well as depreciation is required to allowed. Accordingly, these grounds of appeal are allowed. 2.4 Since the issue involved is covered by the order of CIT(A) and jurisdictional ITAT in favour of the appellant and the facts of this year are similar to the facts of the earlier years. Therefore, the Assessing Officer is directed to assess the rental income as income under the head business income and allow the expenses as well as depreciation as per past history of the case. 4.During the course of hearing before us, representatives of both the sides agreed that the issue was covered by the orders of the Tribunal in favour of the assessee.We find that deciding the app ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
