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2023 (3) TMI 400 - AT - Income TaxCorrect head of income - income from rent earned from lease - business income or income from house property - CIT (A) error in following ITAT decision treating the income of the assessee as business income - HELD THAT:- The assessee had accepted the nature of income as ‘Income from House Property’. So, there is no question about the change of the head of income in other stage. Considering the assessee’s declaration in assessment, the ‘Income from House Property’ cannot be treated as ‘Income from Business’ in this impugned assessment year. AO correctly pointed out about the disparity in value of Annual Lease Rent in respect of licence fees received by the flagship company of the assessee. There is no res integra in the order of Coordinate Bench with the assessee as there is distinguishable fact. In the appeal order the observation of the ld. AO was not discussed properly. We find the order of the ld. CIT(A) is perverse. In our considered view, we set aside the order of the CIT(A) & remit back the ground of the revenue to the CIT(A) for further adjudication denovo. Needless to say, that the ld. CIT(A) shall provide proper and adequate opportunity of being heard to the assessee in set aside proceedings - Appeal of the revenue is allowed for statistical purpose.
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