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TMI Blog2022 (4) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... as the assessee extended various services to the tenants, the rental income derived there from is to be assessed under the head business income. We are inclined to concur with the finding of the learned CIT appeal in treating the assessee s rental income business income and denying the applicant assessee claim of standard deduction. Accordingly, the impugned order of the learned CIT appeal is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty. The assessing officer (in short the AO ) from the perusal of the three rental agreements entered into between the assessee and the tenants, notice that the maintenance charges form the part of the agreement. The AO further stated that in the present case, the assessee company has only one business and that is of leasing of its property and earning income therefrom. In view of the manner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has the only source of income is rental from leasing out the property and following the rule of consistency assessee s head of income may not be disturbed and he prayed that the assessee should be allowed the benefit of standard deduction and carry forward of capital loss as claimed in the return of income. 5. Per contra, the learned DR stands by the impugned order. He contended that ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce complex and declared rental income therefrom under the head house property. The CIT appeal has also stated that the appellant has reiterated the same submissions which was considered by the AO in the assessment order. 7. In the assessment proceedings, the AO has recruited all the contentions of the appellant vide 2.4 to 2.5 on page number 6 to 7 of the assessment order. From the directors re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AO and the learned CIT appeal have rightly held that the appellant has treated the office complex as business asset as the assessee extended various services to the tenants, the rental income derived there from is to be assessed under the head business income. 9. In the backdrop of the aforesaid discussion, we are inclined to concur with the finding of the learned CIT appeal in treating the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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