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2015 (7) TMI 1131 - AT - Income TaxClaim for carry forward of loss u/s 7I B - income from house property - Held that:- The observation of the ld. CIT(A) that the assessee had itself stated that the income was from business and not from house property is of no consequence at all. It is for the taxing authority to decide such issues correctly and the claim of the assessee, either way, is not decided. Also, it is not of any detriment to the assessee that as observed by the ld. CIT(A), while acquiring the property, only occupation certificate was received by the assessee and electricity or water connection, inter alia, having been applied for, the property was not rendered lettable. This is also in view of the fact that in its meeting on 15-7-2007, the Board of Directors of the assessee company resolved that attempt be made to let out the property as a bare-shell, without making any renovation or furnishing. This fact has been taken note of by the ld. CIT(A) at page 4, para (d) of the impugned order. For the above discussion, the grievance of the assessee is found to be justified and is accepted as such. The order of the ld. CIT(A) in this regard is cancelled and it is held that the income of the assessee is to be computed as ‘income from house property’. The assessee’s claim in this regard is, thus, allowed. Coming to the Department’s grievance, once we have held that the income is to be assessed as ‘income from house property’ as above, on this very basis, the order of the ld. CIT(A) on this issue is upheld, rejecting the grievance of the Department as shorn of merit.
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