TMI Blog2012 (4) TMI 670X X X X Extracts X X X X X X X X Extracts X X X X ..... unal held that there is nothing on record to show that the assessee had no present intention to revive its business at appropriate time, as the gap between the year of closure and the years under consideration at that point of time was very narrow. We are concerned with the assessment year 2007-08 and we have to consider the facts and circumstances prevailing as on 31-03-2007. About 12 years h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Ld. CIT(A)-II, Kochi and it relates to the assessment year 2007-08. 2. The only issue urged for our consideration is whether the Ld. CIT(A) is justified in holding that the assessee is having intention to revive the business activities and consequently, the income from lease rent is assessable under the head Income from business. 3. The facts relating to the issue are stated in bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d intention to continue the business of manufacturing the tyres, where as the assessee had not commenced the business till date since 1995. Hence the Assessing Officer was right in treating the income from lease rent under the head Income from other sources . On the contrary, the Ld. AR submitted that the present issue is squarely covered by the decision of the Hon ble ITAT in assessee's own ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 1995. Hence, while considering the claim of the assessee for the years ending 31.3.1996 and 31.3.97, the Tribunal held that there is nothing on record to show that the assessee had no present intention to revive its business at appropriate time, as the gap between the year of closure and the years under consideration at that point of time was very narrow. However, we are concerned with the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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