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2019 (11) TMI 1583 - HC - Income TaxIncome received on account of letting out of the property - house property or business income - HELD THAT:- . The impugned order of the Tribunal dismissed the Revenue’s appeal by following its order in respect of the same Respondent-Assessee for the Assessment Year 2007-08, 2008-09 and 2009-10 in holding that the income received on account of letting out of the property was a commercial activity by way of business income. Being aggrieved by the order of the Tribunal for the Assessment Year 2007-08, 2008-09 and 2009-10, the Revenue had preferred appeals to this Court who by order [2017 (7) TMI 779 - BOMBAY HIGH COURT] dismissed the Revenue’s appeal. Expenditure on account of interest - Appeal is admitted on substantial question of law at serial no.(ii) - Without prejudice, whether on the facts and circumstances of the case and in law, the Tribunal erred in allowing the interest deduction even though the transaction was that of share application money and not loan, and therefore, the expenditure on account of interest was not an allowable expenditure in terms of agreement dated 1 December 2007.’
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