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2021 (10) TMI 284 - HC - Income TaxCorrect head of Income - Income from house property or business income - income earned from complex commercial activity of letting out of the building along with other amenities in the industrial park - HELD THAT:- Substantial questions of law Nos.1 and 2 raised herein, are squarely covered by the decision of the coordinate Bench of this Court in the case of M/s. RAO COMPUTERS CONSULTANTS PRIVATE LTD. [2021 (6) TMI 152 - KARNATAKA HIGH COURT] wherein the coordinate Bench placing reliance on the Judgment of this Court in the case of CIT vs.VELANKANI INFORMATION SYSTEMS PVT LTD [2013 (8) TMI 113 - KARNATAKA HIGH COURT] has answered the substantial questions of law framed in the appeal in favour of the assessee. Allowable business expenditure - Disallowing the expenditure towards insurance, brokerage and depreciation incurred wholly and exclusively for the purposes of the business of complex commercial letting out services - HELD THAT:- As no finding by the assessing authority inasmuch as disallowing the expenditure referred to therein. In view of the finding given by this Court relating to the substantial question of law Nos. 1 and 2 as aforesaid, the assessing authority is directed to re-examine the issue inasmuch as expenditure/deductions towards insurance, brokerage and depreciation incurred for the purposes of the business of complex commercial letting out services, in an expedite manner.
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