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TMI Blog2021 (6) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... short). The subject matter of the appeal pertains to the Assessment year 2010-11. The appeal was admitted by a bench of this on the following substantial questions of law: "(1) Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in remanding the matter to the assessing authority to pass a speaking order by considering the objections as to the reopening of assessment at this juncture especially when the assessing authority records that he has not considered the objections for want of supporting evidence? (2) Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in directing the respondent to take necessary action for disposing of the objections ignoring the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the assessee submitted that the assessee does not want to press substantial question of law Nos.1 and 2. It is further submitted that substantial question of law Nos.3 to 6 have already been answered by a bench of this court in 'CIT VS. VELANKANI INFORMATION SYSTEM PRIVATE LIMITED, (2014) 2 ITR-OL 138 KAR. On the other hand, learned counsel for the revenue was unable to dispute the same. 3. We have considered the submissions made by learned counsel for the parties and have perused the record. It is not necessary for us to answer substantial question of law Nos.1 and 2 as they have been not pressed by the assessee. A division bench of this court in 'CIT VS. VELANKANI INFORMATION SYSTEM PRIVATE LIMITED', (2014) 2 ITR-OL 138 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it must be held as business income. 27. Sub-section (1) of Section 56 makes it clear that income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "income from other sources", if it is not chargeable to income-tax under any of the heads specified in Section 14, items A to E. Sub-section (2) of Section 56 specifically states that the income shall be chargeable to Income tax under the head "Income from other sources". Clause (ii) of Section 56(2) provides that income from machinery, plant or furniture belonging to the assessee and let on hire, if the income is not chargeable to Income-tax under the head profits and gains of business or profession. Clause (iii) al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house property". Therefore, firstly, what is the intention behind the lease and secondly what are facilities given along with the buildings and documents executed in respect of each of them is to be seen. Thirdly, it is to be found out whether it is inseparable or not. If they are inseparable and the intention is to carry on the business of letting out the commercial property and carrying out complex commercial activity and getting rental income therefrom, then such a rental income falls under the heading of "Profits and gains of business or profession". In fact, any other interpretation would defeat the very object of introduction of section 80-IA as well as the scheme which is framed by the Government for development of industrial p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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