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TMI Blog2016 (8) TMI 1421X X X X Extracts X X X X X X X X Extracts X X X X ..... o be treated as income from the house property and accordingly he would be entitled exemption u/s.22 of the Act. Set aside the finding of the CIT(A) in question and direct the Assessing Officer to re-assess the income of the assessee in view of the observation made above. - Decided in favour of assessee for statistical purpose. - I.T.A. No.7119/Mum/2013 (Assessment Year: 2010-11) - - - Dated:- 24-8-2016 - Shri R.C.Sharma And Shri Amarjit Singh, JJ. Assessee by: Shri Vijay C. Kothari Department by: Shri B.D.Naik ORDER Amarjit Singh, The assessee has filed the present appeal against the order dated 03.09.2013 passed by the Commissioner of Income Tax (Appeals) 35, Mumbai [hereinafter referred to as the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial asset before applying the above referred citations. 1.6 The learned Commissioner of Income Tax (Appeals) erred in not applying following citations without identifying the difference of facts, which is a violation of Principle of Law. i. Azimganj Estate Pvt. Ltd. V/s. CIT [ITA No.242 of 2003 (KOL)] ii Roma Builders [ITA No.4118/Mum/2008 Dt.09.03.2011, 60 DTR (Mum) TRI 231] iii East India Housing Land Development Trust Ltd. [42 ITR 49 (SC)] iv Sultan Brothers Pvt. Ltd. Vs/ CIT [51 ITR 353 (SC)] v O. RM. SP. SV. Firm V/s. CIT [39 ITR 327 (MAD)] vi Salisbury House Estates Ltd. V/s. FRY [AC 432 (HL)] vii Atma Ram Properties (P)Ltd. V/s. Dy.cIT [85 ITD 86 (DEL)] 3. However, the assessee has take the number of gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before us. 4. The contention of the assessee is that the assessee is in the business of construction and development of the property. Its main object is construction and the assessee leased out the unsold property on rent, therefore the rental income from the said property is liable to be treated as house rent income. In support of his claim, the learned representative of the assessee has placed reliance upon the law settled by Hon ble Bombay High Court in case of Commissioner of Income Tax 12 Vs. M/s. Sane Doshi Enterprises on 9 April, 2015. On the other hand the learned representative of the department has placed reliance upon the order passed by the CIT(A) in question. It is not in disputed that the assessee has developed a shoppin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same as income from business. Therefore, the matter went up to the Jurisdictional High Court and the Hon ble High Court in the case cited above decided the matter in favour of the assessee. The facts and circumstances of this case is quite similar to the facts and circumstances of the present case. In both the cases the assessee have constructed commercial complex and rented out the unsold shops / offices on lease. In case of the Hon ble Bombay High Court, Commissioner of Income Tax 12 Vs. M/s. Sane Doshi Enterprises decided on 9 April, 2015, the income of the assessee was treated as income from house property. Finding identical facts and circumstances of the present case, we are of the view that in the present case the law is quite ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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