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2017 (10) TMI 1080 - AT - Income TaxNature of income - income earned from the Department store - assessable as ‘business income’ or ‘income from house property’ - Held that:- The assessee was not actually selling the goods or that it was undertaking a set of organised activities in support of the counter holders who were executing the sale and purchase of goods, would not distract from the fact that the receipts from the counter holders were business receipts liable to be assessed under the head ‘income from business’. Thus the lower authorities have erred in assessing the income earned by the assessee from running of Departmental store as ‘income from house property’ as against the claim of the assessee of treating it as ‘business income’. Thus, on this aspect, assessee succeeds. Disallowance of the rent paid to LIC of India - Held that:- The claim of the assessee before the lower authorities has been that the liability crystallized during the previous year relevant to the assessment year under consideration and is thus an allowable deduction while computing the income earned for the assessment year under consideration. On this aspect, we find no clear finding by either of the lower authorities and, therefore, we remand this issue to the file of the Assessing Officer who shall examine the plea of the assessee of the liability having crystallized during the year under consideration. Treating income from sale of units of Mutual Fund - Income from other sources OR claim of capital loss made by appellant - Held that:- We deem it fit and proper to restore the matter back to the file of the Assessing Officer to be adjudicated afresh in accordance with the law since no clinching findings have been recorded on the pleas raised by the assessee. Therefore, on this aspect also, assessee succeeds for statistical purposes.
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