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2011 (4) TMI 1386 - AT - Income TaxNature of income received from letting out the terrace for putting up mobile towers by the telecom companies - HELD THAT:- In present case the assessee has only let out the terrace and the hoarding have been put up by the telecom companies and therefore rental income has arisen from letting out of the terrace and not from letting out of hoarding or towers. The case of the assessee is covered by the decision of the tribunal in case of M/s.Pinto’S Park View Premises Co.op. Housing Society Ltd and in case of Satyam Shivam Sundaram CHS Ltd. Therefore respectfully following the said decisions we set aside the order of CIT(A) and allow the claim of the assessee. Deduction of maintenance charges paid - HELD THAT:- In the present case, it is not clear whether the rent fixed by the assessee was inclusive of any charges payable for common serviced provided by the society. We therefore restore the issue to the file of AO for passing a fresh order after necessary examination in the light of observations made above and after allowing opportunity of hearing to the assessee. Nature of income from share transactions - HELD THAT:- In the present case the assessee has been frequently purchasing and selling shares and the sales in all cases have been made after holding the shares for less than 3 months and the overall profit earned has also been small clearly suggesting that the assessee had been selling the shares motivated by profit. In our view, on the facts of the case, the income arising from sale and purchase of shares within the three months period has to be treated as business income and the balance as capital gain. Hence, we confirm the order of CIT(A).
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