Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 227 - ITAT MUMBAINature of Income - Whether the income from lease rent of property is business income or house property income - nature of rental expense - Held that:- As in assessee’s own case for AY 1997-98 and AY 2001-02 AO is supposed to maintain consistency on his stand upto and unless there is material change either in the facts or on the law. No such thing is discernible from the assessment order. More so, the AO has not doubted the leasing business of the assessee because he has accepted the assessee’s version as far as the rental income received by the assessee on the properties taken on lease and thereafter subleased by it to the sister concerns. In view of the above discussion, we allow the appeals of the assessee and direct the AO to assess the rental income from leasing activity under the head business income. Consistently, we also allow the depreciation on the building as well as equipment provided by the assessee Disallowance u/s 14A r.w. Rule 8D - Held that:- Neither the AO nor the Ld. CIT(A) had the benefit in the case of GODREJ AND BOYCE MFG. CO. LTD. VERSUS DEPUTY COMMISSIONER OF INCOME-TAX AND ANOTHER [2010 (8) TMI 77 - BOMBAY HIGH COURT] which is relevant to the instant case, we set aside the order of the Ld. CIT(A) and restore the matter to the file of the AO to recompute the disallowance u/s 14A r.w. Rule 8D. Deduction of lower of brought forward business loss or depreciation as per books of accounts while calculating the book profit u/s 115JB - Held that:- the issue involved herein requires verification at the level of the AO. Therefore, we set aside the order of the Ld. CIT(A) and restore the matter to the file of the AO for examination and passing an order, after giving reasonable opportunity of being heard to the assessee.
|