2015 (8) TMI 1566

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..... of age - HELD THAT:- The assessee is a corporate assessee and the litigation and the amount involved in the litigation could not be said to be of that magnitude that the assessee could not restart its business during the past 27 years. The facts of the case lead to the conclusion that the assessee is no more interested in restarting its business and has let out its factory premises along with its .....

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..... of the assessee is as under:- The Hon ble CIT(A) has erred in law and on facts in directing the ld. Assessing Officer to modify the assessment order and treat the entire income assessed by the ld. Assessing Officer of the assessee as income from house property against income from other sources assessed by him (DCIT) whereas the assessee declared the same as income from business. The order pas .....

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..... 88 years of age. He submitted that the assessee has to discontinue the business since the year 1988 due to litigation pending before Hon ble Delhi High Court and Central Excise and Sales Tax authorities etc. He submitted that for proper utilization of the premises, the assessee has handed over its entire factory premises along with its equipments and furniture fixtures etc. and could not resume .....

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..... the Bench, the learned counsel for the assessee has submitted that the assessee could not restart its business till date after its discontinuance in the year as back as 1988. The chairman of the assessee company is 88 years of age. I find that merely because in the past the issue was decided in favour of the assessee by the CIT(A) and the Revenue has not preferred any appeal to the Tribunal, it co .....

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..... ises along with its machinery, furniture and fixtures for a fixed amount of rent and, therefore, the action of learned CIT(A) in directing to treat the income under the head income from house property was justified and no interference in the same is called for. In this view of the matter, the order of learned CIT(A) is confirmed and the ground of appeal of the assessee is dismissed. 6. In the .....

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