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2022 (9) TMI 1022 - Income Tax
Assessment u/s 153A - CIT(A) allowed the claim that lease rentals income earned by the appellant as income under the Profit or Gains from Business and Profession (Profit and Gain from Business and Profession) as against Income from House Property as claimed in its Return of Income filed u/s 139(1) - HELD THAT:- We observe that the assessee is earning income from the let of out of the premises situated in the SEZs and offered to tax in the original return of income filed by the assessee under the head income from House property. Subsequent to the Search, while filing the return u/s 153A, it changed the head of income to declare the income from let out of premises under the head Income from Business and Profession. This action of the assessee was rejected by the AO that the assessee cannot claim new benefit in the revised proceedings u/s 153A of the Act.
CIT(A) decided the issue in favour of the assessee considering the fact on record that the assessment years under consideration are abated, therefore, the assessee can claim fresh or modified claim. After considering the submissions of both counsels, we observe that this issue is well settled and held in the case of B.G. Shirke Construction Technology P Ltd [2017 (3) TMI 879 - BOMBAY HIGH COURT] that in the case of abated assessments the return filed u/s 153A replaces the return filed u/s 139.
It held that the stand of the revenue is misplaced as the issue is relating to the assessment u/s.147/148 the same cannot be applied for the issue under consideration. Therefore, the submissions made by the DR are substantially answered. Appeals filed by the Revenue are dismissed.