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2010 (11) TMI 567 - AT - Income TaxWarehousing charges - Whether income from letting out of warehouse/office is to be taxed under the head 'Income from house property' or under the head "Income from business or profession" - Deduction under section 24 - Revision of orders - The Assessing Officer has changed the head of income of letting out of the property from 'Income from house property' to 'Income from business' - Held that:- While framing the assessment for the assessment year under consideration, the Assessing Officer has not brought on record any new facts as at why any departure from the earlier stand of the Department was required - It is relevant to state that the assessments framed for earlier years were never disturbed by the ld. CIT by exercising revisionary powers under section 263 of the Act - It is true that the revenue has no right of appeal to the ld. CIT(A) against any order passed by the Assessing Officer - Therefore, section 263 of the Act has been brought on the Statute to arm the CIT with the power of revising any order of the Assessing Officer where the order is erroneous and the error has resulted in prejudice to the interests of the Revenue - Ino such step has been taken by the ld. CIT - Therefore, the Assessing Officer was not justified in departing from the stand taken in the earlier years particularly when there was no material change in the facts and circumstances of the present case as compared to earlier years - Hence, the ld. CIT(A) was justified in directing the Assessing Officer to tax warehousing charges under the head 'Income from house property' and allow deduction as per section 24 after verification - Decided in favour of assessee.
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