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2015 (6) TMI 129 - ITAT BANGALOREIncome earned from letting out of commercial spaces, amenities and maintenance - ‘Profits and Gains from Business’ OR ‘Income from House Property’ - Held that:- The deciding factor is not the ownership of the land or the leases thereof, but the nature of the activity of the assessee and the nature of the operations in relation to them. In the case on hand, considering the nature of the assessee's dealings with the property, apart from letting them out and the manner and extent of its activities, inter alia, like providing of ward and watch, security, maintenance of common area and lighting thereof, fire safety, supply of water, providing lifts, installation of electric transformers, generators, water tanks, etc. go to clearly establish that the entire activity is conducted in an organized manner to earn profits out of the investment made by the assessee as a commercial venture. Thus the operations of the assessee in earning the rental income received from leasing out of the building properties would fall under the head ‘Income from Business’ and not ‘Income from House Property’ as held by the authorities below - Decided in favour of assesse. Interest under Section 234A and 234B - Held that:- The charging of interest is consequential and mandatory and the Assessing Officer has no discretion in the matter. This proposition has been upheld in the case of Anjum H Ghaswala (2001 (10) TMI 4 - SUPREME Court) and we, therefore, uphold the action of the Assessing Officer in charging the said interest. - Decided against assessee.
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