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2015 (11) TMI 1359 - ITAT KOLKATA

2015 (11) TMI 1359 - ITAT KOLKATA - TMI - Rental income derived by exploiting the stock in trade/work-in-progress - CIT(A) treated it as income from house property - Held that:- The issue is exactly identical and covered in favour of the assessee by the coordinate bench decision in assessee's own case for AYs 2004-05 and 2005-06 wherein held that considering the period for which the flats have been let out, as per the agreement, it could not be said that the said flats have been let out only for .....

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ance 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) for the first time and decide the issue in accordance with law. - ITA No. 1065/Kol/2012, ITA No.10 .....

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ot;the Act") for AYs 2006-07 and 2008-09 vide its separate orders dated 31.12.2008 and 13.12.2010 respectively 2. First we take up ITA No. 1065/K/2012 for AY 2006-07. The only issue in this appeal of revenue is against the order of CIT(A) in treating the rental income as income from house property. 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 treating the rental income derived by exploiting t .....

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essee 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 A .....

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ITA Nos. 1287 & 1288/K/2008 dated 24.10.2008, where it has been held as under: "9. In the case before us, there is no dispute to the fact that the assessee has let out the said flats for a period of three years with an option of renewal for two similar terms. Considering the period for which the flats have been let out, as per the agreement, it could not be said that the said flats have been let out only for a short period. We are of the considered view that the assessee has let out th .....

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ing the grounds of appeal taken by the Department for both the assessment years under consideration." Since the issue is exactly identical in the 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 A .....

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