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2017 (11) TMI 1855 - AT - Income TaxRent from owned property - income from house property OR Income from business - HELD THAT:- The main objects of the assessee not only includes acquisition and sale of flats, provision of convenience commonly provided in the flats, shops and residential and commercial premises but the assessee can also let out the property. Therefore, in view of the decision of Chennai Properties And Investment Ltd. vs. CIT [2015 (5) TMI 46 - SUPREME COURT] we are of the view that this issue is no more res integra. We, therefore, confirm the order of the CIT(A) treating the income as “Income from business” in respect of the rent received. No illegality or infirmity in the order of the CIT(A) deleting the disallowance of claim of expenses which has been incurred by the assessee for maintaining the business assets as the assessee is engaged in the business of renting various business activities such as house-keeping, security, telephone, electricity, maintenance etc. No cogent material or evidence was brought to our notice by the learned DR so that the finding given by the CIT(A) could be reversed. We, therefore, confirm the order of the CIT(A) on this account. - Appeal of the Revenue is dismissed.
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