TaxTMI 
TaxTMI 
2012 (9) TMI 226
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....rty and not under the head "income from other sources". 2. Assessee in this case has raised various grounds, but vide application dated 29.5.2012 has submitted modified grounds which read as under: "1. That on the facts and circumstances of the case, the CIT(A) was not justified in not accepting claim of the assessee that property income including licence fee and parking rent is to be considered under the head 'income from house property' and not under the head 'income from other sources'. 2. That orders of the lower authorities are not justified on facts and same are bad in law." 3. Assessing Officer held in the assessment as under: "The assessee company was incorporated on 26.11.2001 and is engaged in the business of real estate deve....
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....s and not under the head income from house property. Thus, the income earned by the assessee amounting to Rs.46,79,104/- is in the nature of business income and therefore, not to be treated as income from house property. Hence, the deduction u/s 24(1) of the IT Act, @ 30% is not allowed against the income of Rs.46,79,104/-." 2. Assessee took up the matter in appeal and strongly pleaded that assessee is engaged in the business of real estate development and for the assessment year 2006-07 filed return declaring income of Rs.1,98,52,830/- on 30.1.2006. The said gross total income included a sum of Rs.46,79,104/- under the head property income. During the course of assessment proceedings the Assessing Officer opined that the said income from ....
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.... from other sources and it was held accordingly while dismissing the appeal of the assessee subject to the above finding. 4. Still aggrieved, assessee has come up in appeal and while reiterating the submissions as made before lower authorities it was pleaded for allowing the claim of the assessee as income earned by the assessee is from the property only if antenna are put up these are on the property of the assessee and car parking and kiosks are also in the premises. Therefore, there was no occasion for the authorities below to not accept the contention of the assessee that income earned form antenna etc. is income from house property. So, disallowance of 30% u/s 24 is unjustified and uncalled for. It was thus pleaded for deletion of the....
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....ing deduction of 30% u/s 24 of the Act which claim of the assessee was not accepted by the Assessing Officer, who treated such income as business income and disallowed deduction u/s 24 @ 30% to make addition of this amount and CIT(A) confirmed such action of the Assessing Officer, but treated such income as 'income from other sources' instead of 'house property income' as claimed by the assessee. 6. We have heard both the sides, considered the material on record as well as precedent relied upon and find that the assessee in this case has received income from various telecommunication and cable network operators like Instant Cable, Huawei, Protel etc. on account of installation of towers/antennas terrace of JMD Pacific Square, Gurgaon and c....