2008 (12) TMI 331

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....urt was delivered by 1. ADARSH KUMAR GOEL J.—The Revenue has preferred this appeal under section 260A of the Income-tax Act, 1961 against the order dated March 31, 2008, of the income-tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh passed in I. T. A. No. 759/Chandi/2007, for the assessment year 2003-04, proposing to raise the following substantial questions of law: "1. Whether the....

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....e assessee is a local authority for planning, development and improvement of cities and derived income, inter alia, from rent. The Assessing Officer sought to tax the income of the assessee from rent as business income, while the claim of the assessee is that the same should be taxed as income from property. The Commissioner of Income-tax (Appeals) upheld the plea of the assessee, which has been a....

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....se produce as to why the income from house property be not assessed on account of this rental income. From the above question it is clear that the intention of the Assessing Officer was to consider the income as income from house property. It is one of the contentions of the assessee that no depreciation has been claimed on those properties from which rent has been received. The learned Commiss....

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....income the deduction at 30 per cent. is allowable as per clause (a) of section 24 of the Income-tax Act, 1961. We, therefore, do not see any infirmity in the order of the learned Commissioner of Income-tax (Appeals) on this issue." 3. We have heard learned counsel for the Revenue and perused the record. 4. As per the finding of the Tribunal, the main business of the assessee is not renting o....