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2015 (7) TMI 1131 - ITAT MUMBAI

2015 (7) TMI 1131 - ITAT MUMBAI - TMI - Claim for carry forward of loss u/s 7I B - income from house property - Held that:- The observation of the ld. CIT(A) that the assessee had itself stated that the income was from business and not from house property is of no consequence at all. It is for the taxing authority to decide such issues correctly and the claim of the assessee, either way, is not decided. Also, it is not of any detriment to the assessee that as observed by the ld. CIT(A), while ac .....

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impugned order. - For the above discussion, the grievance of the assessee is found to be justified and is accepted as such. The order of the ld. CIT(A) in this regard is cancelled and it is held that the income of the assessee is to be computed as ‘income from house property’. The assessee’s claim in this regard is, thus, allowed. - Coming to the Department’s grievance, once we have held that the income is to be assessed as ‘income from house property’ as above, on this very basis, the .....

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sessee has raised the following grounds:- 1. On the facts and circumstances of the case and in law, the Learned Commissioner (Appeals) erred in upholding the view of the Assessing Officer ("AO") that the Assessee's income (Loss), is to be computed under the head "Profits and Gains of Business and Profession. 2. On the facts and circumstances of the case and in law, the Assessee submits that the income (Loss) is to be computed under the head Income from House Property". 3. .....

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able property out of unsecured loan taken from its holding company. It approached an Estate Agent for identifying the potential tenant. However, the property could be let out only in the subsequent year. The assessee claimed that during the year under consideration, no rent was receivable in respect of the said property. The annual value of the property was computed under the head Income from House Property in the return of income filed at Rs. Nil. The deduction of interest paid on the loan, u/s .....

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e interest, was to be treated as pre-operative expenditure. The A.O. also disallowed the assessee s claim for carry forward of loss u/s 7I B of the Act. 6. By virtue of the impugned order, the ld. CIT(A) held that the assessee s income was to be computed as profits and gains of business or profession. Accordingly, the A.O. s order in this regard was upheld. Aggrieved, the assessee is in further appeal before us. 7. However, the ld. CIT(A), despite holding the income to be business income, held t .....

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ss or profession , as held by the ld. CIT(A), Section 22 of the Act provides that the annual value of the property consisting of any building or land appurtenant thereto, of which, the assessee is the owner, shall be chargeable to tax under the head income from house property . In this regard, it is of little moment that the assessee owner is a company formed with the object of acquiring immovable property to be let out, as is the case herein. It has been held to this effect in East India Housin .....

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