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Kisan Gramin Bhandaran Versus ITO, Chandausi (UP)

2016 (8) TMI 203 - ITAT DELHI

Rental income received on letting out warehouses - income from house property OR business income - Held that:- Authorities below in the present case were not justified in holding the rental income received from the business assets as income from house property. - ITA No. 604/Del/2016 - Dated:- 27-6-2016 - SHRI I.C. SUDHIR AND SHRI O. P, KANT Assessee by: Shri Piyush Kaushik, Adv. Department by: Smt. Rishpal Bedi, Sr. DR ORDER Per I. C. Sudhir Judicial Member The assessee has questioned first app .....

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046 as business income in its profit and loss account and net income of ₹ 2,325 was shown as business income after claiming depreciation on go down building and other consequential expenses. The Assessing Officer did not agree and held the receipt as income from house property . The same has been upheld by the Learned CIT(Appeals) which has been questioned before the ITAT. 4. In support of the ground, the Learned AR submitted that assessee is a partnership firm engaged in the business of w .....

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(3) of the Act. The assessee has considered the said go down as its business assets i.e. fixed assets as per audited accounts made available on record with the certificate that it was furnished before the Assessing Officer and Learned CIT(Appeals) and claimed depreciation on the same. The assessment originally framed was reopened only on the premises that the income from letting of go down should have been assessed under the head house property instead of business income . The Learned AR submitt .....

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ITR 1 upheld by the Hon'ble Supreme Court reported in (2010) - 320 ITR 561 (SC) holding that reopening is not permissible on the basis of change of opinion and if notice under sec. 148 is issued without the jurisdictional foundation available under sec. 147 of the Act, the notice and subsequent proceedings will be invalid. 5. On merit, the Learned AR submitted that the issue raised is fully covered in favour of the assessee by the recent decision of the Hon'ble Supreme Court in the case .....

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y the decision of Hon'ble jurisdictional Allahabad High Court in the case of CIT vs. Goel Builders - 331 ITR 344 (All). He also placed reliance on the following decisions: i) CIT vs. Shaan Finance Pvt. Ltd. - 231 ITR 308 (SC); ii) Vora Warehousing (P) Ltd. Vs. ACIT - 70 ITD 518; iii) Shreeji Exhibitors Vs. ACIT - ITA No. 640/M/2014 dated 14.8.2015; iv) M/s. Bhuvan Leasing & Infra-structure Vs. ITO - ITA No. 4977/Mumbai/2006 dated 10.6.2015. 6. The Learned Senior DR on the other hand plac .....

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e and under almost similar facts the Hon'ble jurisdictional Allahabad High Court in the case of CIT vs. Goel Builders (supra) has been pleased to decide the issue in favour of the assessee. In that case also, the assessee had earned income from letting of a commercial assets and the Hon'ble High Court held that the income derived from letting of commercial assets will constitute business income and not income from house property. The Learned CIT(Appeals) in the present case before us has .....

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