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2015 (11) TMI 588 - AT - Income TaxRevision u/s 263 - whether the income from running the hostel is to be assessed as income from house property or business property? - Held that:- The detailed questionnaire had been issued by the Assessing Officer, which was replied by the assessee from time to time. He not only enhanced the hostel receipts but reduced the hostel expenses and assessed the income from house property. He also allowed 1/3rd deduction U/s 24(a) and interest on loan. Therefore, he applied his mind and also made detailed inquiry on this issue. It is also a fact that the addition made by the Assessing Officer was challenged before the ld CIT(A), Ajmer at the same issue i.e. income from house property. Therefore, assessment of assessee got merged with the CIT(A) order, which was passed on 11/1/2013. Therefore, Hon'ble Rajasthan High Court decision in the case of CIT Vs. Jain Construction Company (2012 (11) TMI 1071 - RAJASTHAN HIGH COURT) is squarely application in the case of the assessee. - Decided in favour of assessee.
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