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TMI Blog2019 (10) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... Furniture and fixtures are business assets of the assessee, hence, income generated from giving furniture on hire is business income of the assessee. The ground No. 2 of the appeal is allowed. Disallowance of business expenditure - authorities below have disallowed business expenditure claimed by the assessee on the premise that the assessee is not carrying any business activities hence, there can be no business expenditure - HELD THAT:- While adjudicating ground No. 2 of the appeal here-in-above, we have held that income from hiring of furniture is Business Income of assessee. Thus, the observation of lower authorities that the assessee is not carrying any business activity is contrary to the facts. In principle, we hold that the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angent and held the said income as Income from Other Sources . The assessee in the previous assessment years and in subsequent assessment years has been declaring income from furniture hire charges under the head Business Income . The Department has accepted the same. The ld. AR further contended that the assessee has entered into a separate agreement for giving furniture and fixtures on hire. The furniture and fixtures are reflected in the Balance sheet as business assets. 2.2 In respect of ground No. 3, the ld. AR submitted that the assessee has claimed certain expenditure viz. depreciation, electricity expenses, interest on unsecured loans, office expenses, professional fees, etc. as business expenditure. However, the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Department. The contentions of the ld. AR of assessee have not been rebutted by the Department. The ld. AR to further substantiate his contentions has drawn our attention to the Balance sheet as on 31-03-2016 at page 33 of the paper book to show that the furniture has been separately shown in the schedule of fixed assets. Further, our attention has been drawn to the furniture and fixtures hire agreement at pages 15 to 21 of the paper book. A perusal of documents on record clearly indicate that furniture has been shown as business asset of the assessee and a separate agreement has been executed for giving furniture on hire. Taking into consideration entirety of facts and principle of consistency, we find merit in the submissions of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Repairs and Maintenance furniture 57,293 8 Print and Stationery 452 9 Supervision charges 51,500 10 Interest on Partners capital 16,32,542 11 Bank Charges 1,190 Total 70,45,232 7. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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