TMI Blog2015 (11) TMI 1359X X X X Extracts X X X X X X X X Extracts X X X X ..... owner of the assets.Accordingly, we hold that the rental income realized by the assessee is the income from house property and is to be assessed under the head "income from house property". Therefore, we uphold the orders of the Ld. CIT(A) by rejecting the grounds of appeal taken by the Department - Decided in favour of assessee. Interest & finance charges - revenue v/s capital expenditure - Held that:- As the facts relating to the issue in hand are raised before CIT(A) for the first time and this can be verified by the AO in case bench feels so. We deem it fit and appropriate in the interest of natural justice and fair play to set aside this issue to the file of AO to consider the fresh submissions made by the assessee before the CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uced the business loss and directed to be carried forward the loss to the tune of ₹ 10,99,585/-. Aggrieved, assessee preferred appeal before CIT(A). Before CIT(A) it was claimed that the assessee has computed income from house property by claiming standard deduction u/s. 24 of the Act amounting to ₹ 3,29,577/- out of total rental income of ₹ 10,98,593/-. According to assessee, the AO has computed the entire rental income as business income by denying deduction u/s. 24 of the Act and also reducing the business loss. The CIT(A) following the Tribunal's order in assessee's own case for AYs 2004-05 and 2005-06 in ITA Nos. 1287 1288/K/2008 dated 24.10.2008 allowed the assessee's appeal on the ground that the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e present case and is covered in favour of assessee by the decision cited supra, we respectfully following the same dismiss this issue of revenue's appeal. 5. Now, coming to ITA No.1066/K/2012 for AY 2008-09. The only issue in this appeal of revenue is against the order of CIT(A) in deleting the addition of interest and finance charges made by AO holding the same as capital in nature. For this, revenue has raised following ground no.1: 1. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in allowing the interest finance charges as revenue expenditure of the ongoing project. 6. Briefly stated facts are that during the relevant assessment year 2008-09 the assessee claimed interest amounting t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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