9911796707
TMI Blog2014 (1) TMI 908X X X X Extracts X X X X X X X X Extracts X X X X ..... and seven cross objections by the assessee. Since common issue is raised in these appeals, we are proceeding to dispose them off by this consolidated order for the sake of convenience. 2. First of all we are taking up the appeal by the Revenue concerning M/s.Rolta Holdings & Finance Corporation Limited in ITA No.5339/Mum/2007 arising out of the order passed by the CIT(A) on 21.05.2007 in relation to the assessment year 1999-2000. 3. Briefly stated the facts of the case are that the assessee group was searched u/s 132 on 12.08.2004. Notice u/s 153A was issued for filing the returns. The assessee filed letter requesting to treat the return filed for assessment year 1999-2000 on 11.11.1999 as a return in response to notice u/s 153A. During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appeals of this group came to be decided by the Tribunal in which similar view taken by the learned CIT(A) has been reversed by holding that income from letting of properties should be considered as falling under the head Income from house property'. The learned Departmental Representative submitted that the appeals of the instant assessee, namely, M/s. Rolta Properties Private Limited for the assessment years 2000-2001 to 2003-2004 were also considered and decided in that batch by the tribunal. It was, therefore, prayed that similar view be taken in these appeals as well. On a pointed query, the learned AR admitted that the Tribunal in ITA No.4260 to 4270/Mum/2007 has decided the appeals of M/s. Rolta Properties Private Limited and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty income or business income has been answered by the Tribunal in its earlier order dated 04.03.2009. Some of the appeals of M/s. Rolta Properties Private Limited were also disposed off by the Tribunal and the other appeals are part of the present batch. From that order it can be seen that that the assessments were made u/s 153C read with section 153A. Therein also, the assessee sought directions from the Addl.CIT u/s 144A. After considering the issue at length, the Tribunal has held that the rental income should be assessed under the head `Income from house property' and not as `Income from business'. Resultantly, the entitlement to any deduction for depreciation and other expenses was also held to be not available. It has been fairly a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income should considered as `Income from house property' and not as `Business income' and further no deduction for depreciation allowance or other administrative expenses should be allowed. 7. M/s. Rolta Holdings and Finance Corporation Limited has filed cross objections for the assessment years 1999-2000 to 2005-2006. All these cross objections have been filed belatedly by 1439 days. A common ground has been taken in all these cross objections to the effect that no addition could have been made in the orders passed by the A.O. u/s 153A read with section 143(3) because no incriminating material was found during the course of search. The learned AR submitted that this issue goes to the root of the matter. The reason for the delay in filing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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