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TMI Blog2022 (3) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... not 'income from house property' - HELD THAT:- Tribunal being fact finding authority, has passed the well considered order after anlaysing the entire facts and circumstances of the case, in the light of the material evidence placed before it and hence, the same does not call for any interference. See M/S. SSM. ESTATES LTD. [ 2015 (3) TMI 320 - MADRAS HIGH COURT] - Decided in favour of assessee. - T.C.A.Nos.58 to 63 of 2012 And M.P.Nos.1,1,1,1 and 1 of 2012 - - - Dated:- 21-2-2022 - Honourable Mr. Justice R. Mahadevan And Honourable Mr. Justice J.Sathya Narayana Prasad For the Appellant : Mr.Karthik Renganathan Senior Standing Counsel For the Respondents : Mr.Subbaraya Aiyar Padmanabhan COMMON JUDGMENT R.MA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upreme Court in the case of Shambu Investments P. Ltd v. CIT (263 ITR 143) and dismissed the appeals. Aggrieved by the same, the respondent / assessee went on further appeals before the ITAT, which accepted the plea of the respondent / assessee that they had given the commercial space only on licence basis and therefore, the income had to be assessed under the head 'business income' and allowed the appeals. Therefore, the Revenue is before this court with these appeals. 3.By order dated 06.07.2012, this court admitted the aforesaid tax case appeals on the following substantial question of law: Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the rent r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the building in question on Mount Road was a commercial asset, the assessee could exploit it either by itself or by letting it to others. Therefore, in a matter like this the fundamental position that had to be ascertained was whether a particular building or premises was a commercial asset or a house property. If the premises were a commercial asset, then the income derived therefrom would amount to business income, otherwise it would be income derived from property assessable under the head Property income . On the facts, the Tribunal had found in the present case that the property in question was a commercial asset, which was used by the assessee as such in the beginning and later on after shifting its branches to outside stations, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of this case alone. Therefore, on merits, the assessee succeeds and we set aside the finding of the ld. CIT(A) in all these years on merits of the case and order that this receipt is to be accepted under the head 'income from business' in all these years. 6.We are of the view that the Tribunal being fact finding authority, has passed the well considered order after anlaysing the entire facts and circumstances of the case, in the light of the material evidence placed before it and hence, the same does not call for any interference. 7.It is also to be noted that in similar circumstances, in TCA Nos.468 to 470 of 2008 in the case of CIT v. M/s.S.S.M. Estates Ltd , a Co-ordinate Bench of this court by a common judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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