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TMI Blog2019 (7) TMI 1031X X X X Extracts X X X X X X X X Extracts X X X X ..... om house property, but did not show any income from letting out of godowns or warehouses. For a query from the Bench, ld.AR submitted that the income received from letting out of godown was included in the income from house property or income from business, but he could not specifically show or confirm in which head of income it was included/clubbed. As per the act the Income received from letting out of godown or warehouses is allowable deduction u/sec. 80P(2)(e) - AR submitted that the assessee had received the interest the income of ₹ 15.96 crores and paid the interest of ₹ 51.02 crores and argued that if the interest payment on loans related to the deposits is excluded from business income it would result in positive inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The Revenue has raised the following grounds of appeal:- 1. The CIT(A) erred in allowing the assessee's plea and ought to have considered that s per the statement of income filed by the assessee, the profits and gains of business or profession are negative i.e. (-) ₹ 20.44 Crores and the profits being negative the assessee is not entitled in deduction u/s 80P. 2. The CIT(A) ought to have appreciated that the assessee itself in the statement of income has taken out the bank interest of ₹ 15.96 Crores out of the 'profits and gains from business' and showed the same under the head income from other sources, which should not have been treated as entitled for deduction u/s 80P(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 73,18,464 2 Income from Business Professions Rs. (-) 2,04,43,014 3 Income from Capital Gain NIL 4 Income from Other sources ₹ 15,96,10,750 Gross Total Income ₹ 14,64,86,200 Less Deduction claimed u/s 80P ₹ 1,09,18,735 Taxable income offered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om other sources. As per the provisions of section 80P(2)(e) the deduction is allowable from the gross total income excluding the income from other sources. Since the assessee s income from business or profession was resulted in loss, the assessee is disentitled to claim the deduction u/sec. 80P(2)(e) of the Act, hence argued that the Assessing Officer has rightly made the addition which required to be upheld. 8. On the other hand, ld. AR submitted that the assessee s gross total income resulted in positive income and assessee had received income pertaining to 80P(2)(e) i.e. on account of letting out of godowns to the extent of ₹ 1,09,18,735/-, hence, eligible for deduction u/sec. 80P. He further submitted that income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arehouses. For a query from the Bench, ld.AR submitted that the income received from letting out of godown was included in the income from house property or income from business, but he could not specifically show or confirm in which head of income it was included/clubbed. As per the act the Income received from letting out of godown or warehouses is allowable deduction u/sec. 80P(2)(e) of the Act. Similarly, ld.AR submitted that the assessee had received the interest the income of ₹ 15.96 crores and paid the interest of ₹ 51.02 crores and argued that if the interest payment on loans related to the deposits is excluded from business income it would result in positive income. However, during the appeal hearing, l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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