TMI Blog2015 (10) TMI 2743X X X X Extracts X X X X X X X X Extracts X X X X ..... provide services as per the agreement for which personnel on permanent basis were to be employed. Thus, the management and administration of the mall vested with the assessee. The detailed finding recorded by the CIT(A) has not been controverted by the department by bringing any positive material on record. Accordingly, no merit to interfere in the order of CIT(A). We further found that the issue is squarely covered in the case of Chennai Properties and Investment Ltd. [2015 (5) TMI 46 - SUPREME COURT] in favour of the assessee for holding that such commercial exploitation renders income from business rather than income from house property. - Decided against revenue. - ITA No.5882/Mum/2010 - - - Dated:- 30-10-2015 - Shri Joginder Singh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered. The Assessing Officer has given importance to the words used in documents furnished to bank to conclude that the receipts were rent. The appellant s submission that this cannot be the sole criterion is accepted. Where a receipt is a business receipt or a receipt from mere letting out of an immovable property would depend on facts of the case. Applying the ratio laid down by the Hon ble Supreme Court in the case of Shambhu Investment Private Limited, 263 ITR 143(SC), if property is let out with the intention to have rental income it would be assessable as income from house property. On the other hand if the primary objection is to exploit the property by complex commercial activities, the income from the same should be considere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Business Conducting Agreement between the assessee and PRIL, the CIT(A) recorded finding that the assessee has granted permissive use of the services and facilities provided in the premises by the assessee. The Conductor has no right of occupancy, but only limited access for the purposes of business activities during hours of day fixed in the agreement. We also found that the premises are in the control of the assessee and the assessee is required to provide services as per the agreement for which personnel on permanent basis were to be employed. Thus, the management and administration of the mall vested with the assessee. The detailed finding recorded by the CIT(A) has not been controverted by the department by bringing any positive ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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