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2012 (4) TMI 467 - ITAT CUTTACKIncome from a market complex for commercial purpose - Income from house property or business income – Held that:- The Assessing Officer has rather misdirected himself to hold the case laws cited by him leaning in favour of the Department - that the bank took cognizance of the commercial viability of this project to grant loan which partners pooled their resources to repay the loan and let out the property to the commercial organizations for earning income against which incidental expenses incurred for carrying out such activities - as it is rendered its income, residual to receipts from the lessees on account of electricity, water charges etc., which are the business activities from the assessee to charge for their portion and incur the remaining for itself along with the maintenance and providing security was in the nature of carrying out commercial activities and not for the purpose of letting it out as house property- the impugned orders of the authorities below are set aside with a direction to the Assessing Officer to accept the return of the assessee holding the same as income from business and not income from house property – in favour of assessee.
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