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2015 (11) TMI 627 - ITAT MUMBAI

2015 (11) TMI 627 - ITAT MUMBAI - [2015] 43 ITR (Trib) 42 (ITAT [Mum]) - Income of the assessee - whether assessable under the head "Income from house property" or "other sources" - Held that:- As held in Chennai Properties and Investments Ltd. v. CIT [2015 (5) TMI 46 - SUPREME COURT] held that holding of property and earning of income by letting out those property is the main business of the assessee, the income arising thereon is liable to be assessed under the head "Income from business" and .....

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as delivered by 1. R. C. Sharma (Accountant Member).-This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals), Mumbai dated February 18, 2013, for the assessment year 2009-10, in the matter of order passed under section 143 of the Income-tax Act, 1961. 2. In this appeal, the grievances of the assessee against the action of the Commissioner of Income-tax (Appeals) are- (i) in confirming the disallowance made on account of business promotion, club expen .....

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the assessee was assessable under the head "Income from house property" or "other sources". Under the head "Income from house property", the Assessing Officer has allowed the statutory deduction and held that there is no reason for allowing any other expenses on account of such flats. In appeal, the Commissioner of Income-tax (Appeals) confirmed the action of the Assessing Officer against which the assessee is in further appeal before us. 4. It was contended by the .....

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ns, carefully gone through the orders of the authorities below and found from the record that the assessee filed return of income claiming rental income as business income and the same was processed under section 143(1) on December 20, 2005, whereas, during the assessment proceedings for the assessment year 2007-08, the Assessing Officer found that rental income received by the assessee is taxable as income from house property. Therefore, the Assessing Officer reopened the assessment year under .....

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ut to sophisticated customers like foreigners consultants and expatriates, etc., the properties dealt with the company were previously in possession of Union of India since 1942 for over 58 years. Hence, at the time of taking possession by the assessee-company these properties were in a terrible dilapidated and inhabitable condition. The company had to remodel, redesign and redecorate to suit commercial exploitation and to attract sophisticated customers by way of extravagant interior works incl .....

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