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2010 (12) TMI 720 - AT - Income TaxApplication of GP rate - consideration of balance sheet for ascertaining loss on sale of rejected items - rejection of books of accounts - renting of factory premises - rental income or business income - Held that:- The AO has not provided the opportunity to the assessee to explain the reasons for fall in GP rate after holding that books of account are to be rejected. - assessee explained the reasons for fall in GP rate before the learned CIT(A). - Decided in favor of assessee. Regarding rental income - Held that:- When the assessee exploits the property as owner by leasing out the same and had utilized the income by way of rent then such rental income is to be taxed under the head income from house property. - CIT(A) was justified in directing the AO to tax the rental income under the head income from house property.
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