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2016 (11) TMI 208 - HC - Income TaxApplicability of provision of Section 22 and 23 to the properties owned by the Assessee - Held that:- As far as the decision in Chennai Properties & Investments Ltd v.CIT (2015 (5) TMI 46 - SUPREME COURT) wherein noted that the main object of the Appellant Assessee in that case was “to purchase or otherwise acquire and hold the properties known as “Chennai House” and to let out such properties and to make advances upon the security of lands or buildings or other property, or any interest therein”. What was emphasized was that holding the aforesaid properties and earning income by letting out properties was the “main object of the company”. The above facts in Chennai Properties & Investments Ltd (supra) clearly distinguishes it in its applicability to the facts of the present case where a categorical stand was recorded in para 5 of the judgment of CIT v. Ansal Housing Finance & Leasing Co. Ltd. (2012 (11) TMI 323 - DELHI HIGH COURT) that letting out of properties “was not part of business and object of the Assessee”. Consequently, this Court is not persuaded to accept the plea of the Assessee that in view of the decision in Chennai Properties & Investments Ltd (supra) the Court should reconsider the correctness of its ruling in CIT v. Ansal Housing Finance & Leasing Co. Ltd. (supra). - Decided against assessee.
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