Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 543 - AT - Income TaxCorrect head of Income - income towards Mall Operating Revenue - taxable under the head Income from House Property or Income from Business and Profession - principle of rule of consistency - assessee is engaged in development and maintenance of immovable properties and Mall management - HELD THAT:- DR has not pointed out any fundamental changes in the facts of this year with that of earlier years, prompting us to take a different view. Rather, both the Revenue authorities gone to record a finding that there is no change in the facts and in order to maintain consistency with the earlier years, income of the assessee is to be treated as income from house property. Since identical issue was dealt with by the Tribunal in earlier year [2019 (11) TMI 1078 - ITAT AHMEDABAD] in the assessee’s own cases, following the principle of consistency, we direct the AO to treat the impugned income earned by the assessee under “profit and gains from business or profession”. Disallowing deduction of business expenditure and depreciation on fixed assets against income from business operation - HELD THAT:- As we have held that income earned by the assessee is to be treated under the head “profits and gains from business or profession”, as a consequence thereof, this expenditure is also to be considered from that angle. Accordingly, this ground is allowed.
|