Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1566 - AT - Income TaxIncome from factory premises - income from business OR income from other sources - assessee has submitted that the assessee could not restart its business till date after its discontinuance in the year as back as 1988 and chairman of the assessee company is 88 years of age - HELD THAT:- The assessee is a corporate assessee and the litigation and the amount involved in the litigation could not be said to be of that magnitude that the assessee could not restart its business during the past 27 years. The facts of the case lead to the conclusion that the assessee is no more interested in restarting its business and has let out its factory premises along with its machinery, furniture and fixtures for a fixed amount of rent and, therefore, the action of learned CIT(A) in directing to treat the income under the head ‘income from house property’ was justified and no interference in the same is called for. In this view of the matter, the order of learned CIT(A) is confirmed and the ground of appeal of the assessee is dismissed.
|