2013 (12) TMI 744

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.... Per Chandra Poojari, AM: This appeal by the Revenue is directed against the order of the CIT(A)-VII, Hyderabad dated 29.4.2011. 2. The Revenue raised the following grounds of appeal: 1. The order of the learned CIT(A) is erroneous both on facts and law. 2. The learned CIT(A) has erred both on facts and in law in holding that as the property was let out for commercial purpose, the inco....

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....nature of income in the hands of the recipient i.e., the assessee who being the owner of the property was only exploiting the same by leasing out and realising income by way of rent. 6. The CIT(A) erred in granting relief for the expenses as business income as the assessee has not carried out any business activity. 7. The CIT(A) erred in holding the income received on let out of furniture an....

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....th the parties and perused the material on record. This issue is covered in favour of the assessee. The assessee constructed a warehouse/godown for specific purpose and let out the same to M/s. Hindustan Lever Ltd., and the income derived is to be treated as income from business only. This view of ours is fortified by the order of the Tribunal in ITO vs. Rasiklal & Co. (P) Ltd. (119 ITD 61) wherei....

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....sed. 6. With regard to the next issue (ground No. 7) the facts are that the assessee also has disclosed certain income from letting out of furniture & fixtures and generator. The Assessing Officer has treated the said income received from furniture & fixtures and generator as income from other sources. The Assessing Officer has refused to treat the same as rental income of furniture & fixtures ....