Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 716 - HC - Income TaxExemption under Section 11 denied - Assessee is running separate business activity as by way of renting out its properties to Vodaphone, Reliance Communication Ltd., Jyoti Publicity etc. for advertisements and cell phone towers and also renting out the hall for marriages, party etc. as incidental to its main activity and not maintain separate books of account in contravention of Section 11(4A) as per revenue - grievance of the Revenue is that letting out of property would not amount to income from house property but is essentially in the nature of business income, and therefore, the respondent - assessee is not entitled to benefit of Section 11 of the Act - ITAT allowed exemption - Held that:- The Commissioner of Income Tax (Appeals) as well as the Tribunal on examination of the record have determined that the income derived from its property by the respondent-assessee should be treated as income from house property and not as business income. This finding of the Commissioner of Income Tax (Appeals) is upheld by the impugned order. We find that as two Authorities under the Act have concurrently come to a finding of fact that the amounts received by the respondent-assessee on account of letting out of its property is income taxable under the head "income from house property". Thus, no occasion to apply Section 11A (4) of the Act as canvassed by the Revenue would not arise. In view of the concurrent findings of the fact arrived at by the Authorities which is not shown to be perverse, no substantial question of law arises for our consideration. - Decided against revenue.
|