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2019 (1) TMI 999 - ITAT MUMBAICorrect head of income - income from leave and license charges and service charges - house property income V/S business income by the assessee - Held that:- As decided in assessee's own case we find that this issue is covered in favour of assessee and against Revenue by the decision of Hon’ble Supreme Court in the case of Chennai Properties and Investments Ltd. Vs. CIT [2015 (5) TMI 46 - SUPREME COURT] the circumstances of the present case from which we arrive at irresistible conclusion that in this case, letting of the properties is in fact is the business of the assessee. The assessee therefore, rightly disclosed the income under the Head Income from Business. It cannot be treated as 'income from the house property' - Decided in favour of assessee. Disallowance of set off of brought forward business loss - AO had held that since assessee had not carried out any other business activity except for earning rental income and service charge, which according to AO was treated as income under the head ‘Income from House Property‟, therefore disallowed the set off of brought forward business loss by treating the business income as NIL. - Held that:- CIT(A) while appreciating the facts of the present case had rightly considered that AO has erred in holding the amount as Brought forward Business Loss and disallowing the said amount, which represents the credit available u/s 115JAA and hence the disallowance of the said amount made by the A.O. was rightly set aside by directing AO to give the credit for the said amount u/s 115JAA of the Income-tax Act, 1961. - Decided against revenue
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