Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

DHANRAJGIR BUSINESS P. LTD. Versus INCOME-TAX OFFICER

2015 (11) TMI 627 - ITAT MUMBAI

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 cannot be treated as "income from house property." - Thus we restore .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

led 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 expenses, sub-lease expenses and depreciation as per the Income-tax Act amount .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ty" 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 learned authorised representative that the main object of the assessee wa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 consideration on the plea that instead of standard deduction under sectio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, 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 including fixing electrical gadgets like air conditions, refrigerator, geyser .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version