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2019 (1) TMI 112 - BOMBAY HIGH COURTNature of income - income received on letting out - business income or house property - Held that:- In the present facts it is undisputed that the assessee is in the business of development of real estate projects and letting of property is not the business of the assessee. In both the decisions relied upon by Mr. Pinto i.e. Chennai Properties (2015 (5) TMI 46 - SUPREME COURT) and Rayala Corporation (2016 (8) TMI 522 - SUPREME COURT) found that the appellant was in the business of letting out its property on lease and earning rent therefrom. Clearly it is not so in this case. Further, Ms. Khan the learned counsel appearing for the respondent-assessee invites our attention to the decision of this Court in CIT v/s. Sane & Doshi Enterprises (2015 (4) TMI 882 - BOMBAY HIGH COURT) wherein on identical facts this Court has taken a view that rental income received from unsold portion of the property constructed by real estate developer is assessable to tax as income from house property. Disallowance under Section 80IB on common expenses relatable to Poiser Project and Saki Naka Project - Held that:- This issue stands concluded against the revenue and in favour of the assessee by virtue of the orders of this Court in respect of assessment years 2006-07 and 2007-08 decided in CIT v/s. M/s. Gundecha Builders [2013 (3) TMI 801 - BOMBAY HIGH COURT] and [2013 (3) TMI 800 - BOMBAY HIGH COURT] Appeal admitted on the substantial question of law at question no.(ii) - Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that receipts from the sale of stilt parking as part of the residential unit and therefore also eligible for a deduction under Section 80IB(10)?
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