TMI Blog2001 (5) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Act, 1961, the Tribunal was directed to refer the following questions for the opinion of this court. "1. Whether on the facts and in the circumstances of the case, there was any mistake apparent from the records within the meaning of section 254(2) of the Income-tax Act, 1961, and whether the Tribunal was justified in holding that the income arising out of the unsold flats should be assessed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , has contended that the income arising out of the business flat should be assessed as business income. He has filed the paper book and pointed out several facts. 5. The learned Departmental Representative, Shri K. Pal, has relied on the judgment of the Karnataka High Court in the case of D. R. Puttanna Sons Pvt. Ltd. v. CIT [19861 162 ITR 468. The Karnataka High Court has held that in that case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax (Appeals). Therefore, it is immaterial how the income from the business asset is assessed in the assessment year 1980-81. Every year's assessment is an independent assessment and every year's cause of action is a separate cause of action. Therefore, it would be incorrect to say that income from the flats should be assessed as business income in this year also as done in the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 254(2) of the Income-tax Act 1961. The Tribunal has considered in detail in its original order dated September 7, 1989, that after taking lease of the site the assessee has constructed the building and given the flats on rent so long as the building was with the assessee and that has been given on rent, that income has to be treated as income from the property, it cannot be said that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
