TMI Blog2017 (11) TMI 1855X X X X Extracts X X X X X X X X Extracts X X X X ..... ity or infirmity in the order of the CIT(A) deleting the disallowance of claim of expenses which has been incurred by the assessee for maintaining the business assets as the assessee is engaged in the business of renting various business activities such as house-keeping, security, telephone, electricity, maintenance etc. No cogent material or evidence was brought to our notice by the learned DR so that the finding given by the CIT(A) could be reversed. We, therefore, confirm the order of the CIT(A) on this account. - Appeal of the Revenue is dismissed. - ITA No. 1005/Mum/2015 - - - Dated:- 13-11-2017 - Shri P K Bansal, Vice President AND Shri Pawan Singh, Judicial Member For the Appellant : Shri V Justin For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property at ₹ 6,30,000/- and disallowed a total sum of ₹ 44,33,656/- as, in his opinion, the assessee has not carried out any business activity during the impugned assessment year. Therefore, the business income has been assessed at Nil . On appeal, the CIT(A) allowed the appeal of the assessee in both the issues as well as other issues by holding as under: 2.3 I have carefully considered-the submissions and the finding of the AO in the impugned order. In support of its contention that the income should be assessed under the head business, the appellant had furnished copy of the audited balance sheet along with the schedule of fixed assets to show that the premises from which rent was-received was held as a business asset. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e expenditure, such as. salary bonus to employees, general, administrative expenses, depreciation, interest etc. While adjudicating the Ground of appeal No: 1, I have held that the rent received is in the nature of business receipts, therefore such expenditure was incurred during the normal course of business activity, hence it needs to be allowed. Therefore, the AO is not justified in disallowing the claim of expenses amounting to ₹ 44,33,6567-. This ground of appeal is allowed. 3. We have heard the rival submissions and have carefully considered the same along with the orders of the authorities below. It is not denied that the main objects of the assessee not only includes acquisition and sale of flats, provision of conv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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