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2012 (10) TMI 1144 - AT - Income TaxDisallowance u/s. 14 r.w. Rule 8D - HELD THAT:- The issue involved in this ground is squarely covered by the decision in the case of Godrej & Boycee Manufacturing Co. Ltd., Vs DCIT[2010 (8) TMI 77 - BOMBAY HIGH COURT]. Therefore without going into the merits of the case, we restore this issue back to the files of AO to decide afresh without applying Rule 8D as Rule 8D has been held to be applicable from A.Y. 2008-09. This ground of the assessee is allowed for statistical purposes. Rental Income - Income from house property instead of business income - In the case of Shambhu Investment P. Ltd. v. CIT [2003 (1) TMI 99 - SC ORDER], held that income derived from letting out of the property should be assessed as income from house property. The Ld. Counsel’s contention that in the earlier year, the rental income has been taxed under the head ‘Income from House property’ and therefore the same should be followed as per the rule of consistency cannot be accepted for the simple reason that the rule of consistency envisages that if there is only one view on the given set of facts, then the same view should be taken year after year. However, In the instant case, in the earlier year, the Revenue authorities may have taken a wrong view in-consistent with the ratio laid down in the case of Shambhu Investment P. Ltd. v. CIT, in our considerate view, the law laid down by the Hon’ble Supreme Court is to be followed. Therefore, we do not find any merit in the arguments of the assessee, findings of the Ld. CIT(A) are confirmed. This ground of the assessee is dismissed. In the result, the appeals filed by the assessee are partly allowed for statistical purposes.
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