Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 1337 - ITAT KOLKATAIncome from industrial sheds and godowns - taxable as income from house property OR busniss income - Held that:- It is necessary to find out the primary object of assessee while exploiting the property. If it is found that the main intention is for letting out the property or any portion thereof the same must be considered as rental income or income from house property. In case, it is found that the main intention is to exploit the immovable property by way of complex commercial activities, in that event it must be held as business income". Referring to Rule of Consistency and bearing in mind the fact that it was a case of rental or commercial utilization of properties, which has been accepted, we are of the considered view that there is no reason to uphold this deviation. In view of the above discussions, we uphold the grievance of the assessee and direct the Assessing Officer to treat the income in question as income from business as has been in preceding and subsequent assessment year. This issue of assessee's appeal is allowed. Disallowance of municipal taxes - Held that:- Now Ld. counsel for the assessee Shri S. K. Tulsiyan argued that the deduction qua interest should be allowed to the assessee and he stated that the addition of ₹ 64,389/- pertains to penalty and interest and the penalty is to the extent of ₹ 10,455/- but interest is to the extent of ₹ 53,934/-. Ld. counsel for the assessee made submission that this should be allowed. On query from the bench, the Ld. Sr. DR stated that this issue needs to be set aside as to the verification of facts by AO. On this, Ld. counsel for the assessee fairly conceded that the issue can be set aside.
|