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TMI Blog2017 (8) TMI 193X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1 The present appeals are for Assessment Year 2007-08 and 2008-09. 2 The Revenue has raised following questions in the present appeal : 1. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in treating the receipts from the lease of its hotel as business income ignoring the primary fact that the transaction involved the long terms lease of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Question No.1 is concerned, Mr.Pinto, the learned counsel for the appellant strenuously contends that whether a particular income is an income from house property or a business income, would depend upon facts and circumstances of each case. The learned counsel submits that the agreement has to be looked into. The business of the respondent is to run a hotel and the respondent has rented his pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent supports the order. 7 It has been observed that the business was handed over by the respondent assessee to KHIL in the year 1994 and since the assessment year 1995-96 till the assessment year 2005-06, the income from the same was assessed as a business income. The assessment for the year 1995-96 was completed under Section 143(3) of the Income Tax Act. So also, for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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