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2018 (6) TMI 606 - AT - Income TaxIncome derived from letting out of the properties - Income from House Property or Business Income - Held that:- Following the judgement in assessee’s own case KNIGHT RAJ PROPERTIES P LTD. VERSUS ITO 10 (1) (4) , MUMBAI [2018 (2) TMI 349 - ITAT MUMBAI] wherein it is held that it is undisputed that assessee company's only source of income is from letting out of properties. This is duly supported by the P&L account submitted by the assessee - hence assessee's receipts should be considered as business income - Decided in favour of assessee. Disallowance the entire expenses debited to P&L a/c - Held that:- In view of our decision as above, this issue is remitted to the file of the AO to decide the issue in accordance with above decision - allowed for statistical purpose. Disallowance u/s 40(a)(ia) for management consultancy fees - Held that:- The issue is remitted to the file of the AO - AO is directed to consider the issue afresh in light of the additional evidence submitted by assessee after giving adequate opportunity of being heard - allowed for statistical purpose. Treatment of loan borrowed as unexplained cash credit u/s 68 - Held that:- the issue is remitted to the file of the AO - AO is directed to consider the issue afresh in light of the additional evidence submitted by assessee after giving adequate opportunity of being heard - allowed for statistical purpose.
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