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2014 (1) TMI 1530 - AT - Income TaxWhether rental income be treated as Business Income or Income from House Property - Held that:- Decision of co-ordinate bench of the Tribunal in SICOM LIMITED Versus Dy. Commissioner of Income Tax [2014 (1) TMI 1413 - ITAT MUMBAI] followed - Immediately after acquiring the property, the property was not occupied by the assessee for its own use for its business and was let out from the time it was acquired on leave and license basis for a longer period of 33 months each time - The assessee has let out the property by the leave and license agreement dated 31.07.2006 for a further period of 33 months upto 31.01.2009 - The assessee has let out the property for the longer period w.e.f. 21-07-2002 by way of leave and license agreement - The assessee was not involved in day to day management or maintenance of the premises and except giving the property on leave and license basis, there are no complex commercial activities involved in this agreement - rental income has to be treated as income from house property - Decided against assessee. Advisory fees - Held that:- A sum of ₹ 28.32 lakhs had been wrongly booked twice in the accounts of the assessee - The assessee has been taxed twice on this income - The issue has been restored for fresh adjudication. Municipal taxes relating to preceding financial year - Held that:- If the expenditure incurred towards additional municipal taxes and actually paid by the assessee has been disallowed in the subsequent assessment year on the reason that the same were prior period expenses, then the claim must be considered during the financial year under consideration - The issue has been restored for fresh adjudication. Disallowance under section 14A - Held that:- Following Rule of consistency the disallowance has been restricted to 1% of the administrative expenses as decided by the Tribunal in earlier years - Decided in favour of assessee. Write-off of bad debts - Held that:- The assessee was engaged in activity of purchase and sale of shares as business - The loss on shares is thus business loss liable to be written-off u/s 36 - Decided in favour of assessee.
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