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2020 (10) TMI 1308 - MADRAS HIGH COURTCorrect head of income - business income or house property - whether ITAT erred in holding that the Revenue had assessed income from letting out unsold shops in Coramandel Plaza as ‘business income’ and therefore not adjudication the grounds of appeal of the Revenue whereas the Revenue had assessed the said income as ‘house property income’ ? - Revenue contended that this was illegal and factually incorrect as the Assessing Officer did not assess the income from Coromandel Plaza as business income - HELD THAT:- Tribunal, after hearing both the Revenue as well as the assessee, by order dated 08.10.2018, allowed the said miscellaneous petition and recalled that portion of the order passed by it. Thus, the basis for filing these appeals and raising the second substantial question of law, as of now, does not survive because the finding has already been recalled by the Tribunal and the Tribunal will hear the matter afresh. Therefore, we hold that there is no necessity to answer the second substantial question of law. Whether the Tribunal was justified in holding that the only course available to the Revenue is the revision of its order under Section 263 ? - We find that the observation made by the Tribunal regarding exercise of power by the Commissioner under Section 263 of the Act is a power to be advisorial and no substantial question of law arises from such observation. Hence, this substantial question of law is rejected. Rental receipts of the assessee with regard to letting out of the property - whether it needs to be treated as business income? - As today we set aside the common order of the Tribunal and remanded the matter to the Tribunal for a fresh consideration. Accordingly, the first substantial question of law framed is left open and both the assessee as well as the Revenue can raise all the issues before the Tribunal.
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