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2014 (1) TMI 331 - ITAT MUMBAIValidity of Jurisdiction u/s 263 of the Act - Income considered as ‘income from house property’ – Already treated to tax under the head‘income from business and profession’ - Held that:- The sharing of the space of the assessee by the PGHH came up for discussion during the original assessment proceedings - Despite the accrual of income to the assessee, assessee did not offer the same to the taxation and caused loss to the Revenue - the legal issue on the validity of the proceedings u/s 263 of the Act is dismissed as not pressed – Decided against Assessee. There was absence of relevant discussion on the business nature or otherwise of the said receipts - the direction in the present form of the CIT-8, Mumbai is premature – thus, the issue is kept open for examination by the AO during the fresh assessment proceedings giving effect to the review order u/s 263 of the Act - In case, the AO is of the opinion that these receipts have to be brought to the tax under the head ‘profits and gains from business or profession’, the allowable expenses of business nature are required to be allowed as claimed by the assessee – Decided partly in favour of Assessee.
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