Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1813 - AT - Income TaxDeduction claimed u/s 24(a) disallowed - Rent income should be treated as income from house property OR Business income - HELD THAT:- No details were furnished by assessee till 17/07/2014. Some statements regarding the queries raised by ld CIT(A) were filed by assessee on 28/08/2014, from which the facts were not verifiable as to which are the asset used for Marine training. CIT(A) concluded that assessee company executed two agreements , one in respect of buildings and other in respect of furniture and fixture. The assessee company derived the benefits claiming depreciation all the years and now has changed the head the income only to claim standard deduction u/s 24(a) which is higher than the depreciation comparative to repairs and maintenance. Assessee has not filed copy of Memorandum of Association of Assessee Company for the reasons best known to them. The Audit report filed by the assessee reveals that nature of ‘business or profession’ is Boat pleasure, Cruising, renting of properties [para 8(a)] and there is no change in the nature of business or profession. The ratio of the various decisions is not applicable as the facts of the present case are at variance. We have seen that the order of ld CIT (A) is reasoned one and does not require any interference at our end. Appeal of the assessee is dismissed.
|