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2015 (11) TMI 1359 - AT - Income TaxRental income derived by exploiting the stock in trade/work-in-progress - CIT(A) treated it as income from house property - Held that:- The issue is exactly identical and covered in favour of the assessee by the coordinate bench decision in assessee's own case for AYs 2004-05 and 2005-06 wherein held that considering the period for which the flats have been let out, as per the agreement, it could not be said that the said flats have been let out only for a short period. We are of the considered view that the assessee has let out those flats as an owner to exploit the income from those flats as owner of the assets.Accordingly, we hold that the rental income realized by the assessee is the income from house property and is to be assessed under the head "income from house property". Therefore, we uphold the orders of the Ld. CIT(A) by rejecting the grounds of appeal taken by the Department - Decided in favour of assessee. Interest & finance charges - revenue v/s capital expenditure - Held that:- As the facts relating to the issue in hand are raised before CIT(A) for the first time and this can be verified by the AO in case bench feels so. We deem it fit and appropriate in the interest of natural justice and fair play to set aside this issue to the file of AO to consider the fresh submissions made by the assessee before the CIT(A) for the first time and decide the issue in accordance with law.
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