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2015 (7) TMI 471 - AT - Income TaxChange of head of income from 'Íncome from business and profession’ to 'Íncome from House property’ - Held that:- In the present case, the assessee was neither absolute owner nor had surplus own capital. It was providing complex services. Accordingly, in the facts and circumstances of the present case and the decisions as relied upon by the ld. Counsel for the asessee we are of the view that the assessee being partnership firm was having warehousing business and local trade license authorities have accepted the assessee firm’s business to carry out warehousing business. To do so the assessee took a land on lease, which proves the intention of commercial expediency by the assessee. Accordingly, we hold that income of the assessee should be assessed under the head ‘business or profession’. - Decided in favour of assessee. Addition on account of unsecured loan - CIT(A) deleted the addition - Held that:- the source of the money received has been fully explained by the assessee by way of confirmations given by said 4 persons. Under such circumstances, the loan of ₹ 20 lakhs appearing in the balance sheet cannot be treated as unexplained. The ld.CIT(A) has rightly deleted the addition so made by the AO. We find no infirmity in the impugned order of the ld.CIT(A). We uphold the same. - Decided in favour of assessee.
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