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2016 (8) TMI 1421 - AT - Income TaxCorrect head of income - assessee have constructed commercial complex and rented out the unsold shops / offices on lease - Business income or income from house property - HELD THAT:- Assessee have constructed commercial complex and rented out the unsold shops / offices on lease. In case of Commissioner of Income Tax 12 Vs. M/s. Sane & Doshi Enterprises [2015 (4) TMI 882 - BOMBAY HIGH COURT] the income of the assessee was treated as income from house property. Finding identical facts and circumstances of the present case, we are of the view that in the present case the law is quite applicable and the income of the assessee is liable to be treated as income from the house property and accordingly he would be entitled exemption u/s.22 of the Act. Set aside the finding of the CIT(A) in question and direct the Assessing Officer to re-assess the income of the assessee in view of the observation made above. - Decided in favour of assessee for statistical purpose.
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