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2018 (3) TMI 1509 - AT - Income TaxReceipt from warehousing activities - busniss income or income from house property - Held that:- The lower authorities have erred in assessing the receipts from warehousing activity as ‘income from house property’ instead of treating it as ‘business income’. Accordingly, we set-aside the order of the CIT(A) and direct the Assessing Officer to recompute the income by treating the receipt from warehousing activity as ‘business income’. Thus, on this aspect, assessee succeeds. Reopening of assessment - Held that:- When the Assessing Officer recorded the reasons to reopen the assessment for Assessment Year 2008-09, he was conscious that for Assessment Years 2006-07 and 2007-08, assessments have been completed u/s 143(3) of the Act and such income has been accepted as ‘business income’. Under these circumstances, it was imperative for the Assessing Officer to record the reasons as to why such assessments were not correct, especially considering the fact that the judgmen in the case of Shambhu Investment (P) Ltd. (2001 (3) TMI 77 - CALCUTTA High Court) was all along available to the assessing authority at the time of assessments made u/s 143(3) for Assessment Years 2006-07, 2007-08 and 2008-09. There is no attempt made by the Assessing Officer to refer to any new tangible material say as to why the departure from the accepted stand of assessing the receipts from godown rent and facilities as ‘business income’, was required to be made - onus has not been discharged by the Assessing Officer inasmuch as he does not make out any case for making a departure from the earlier accepted stand in the scrutiny assessments. - Decided in favour of assessee.
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