2014 (1) TMI 931

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....rief:- The assessee company derives income from rent, dividend, service charges, interest and misc. income. The income shown under various heads is as under. 1. Sale of raw material - Rs.17,220/- Other income: Schedules to the Profit and Current year ended 31.3.2007 - Rs. Previous year ended 31.3.2006 - Rs. Rent 291,221/- 331,050/- Dividends 375/- 195/- Commission - 3,513,208/- Service charges received 25,072,320/- 0 Interest received 450,000/- 0 Misc. Income 1215,000/- 0 Liabilities no longer required written back 593,489/- 667,271/- Total: 27,622,405/- 4,511,724/- Against this income the assessee has claimed set off of business loss at Rs.1,90,02,502....

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....r of Income Tax (Appeals)'s order, we find that the assessee has not made any submissions before the Ld.Commissioner of Income Tax (Appeals), with respect to his claim that interest received, misc. income and liability no longer required is business income and not income from other sources as claimed by the assessee. Before us the assessee has taken a general ground. He pleads that in the preceding Assessment Years as well as in the succeeding Assessment Years, the Revenue has accepted the said income as 'income from business or profession'. 8. On consideration of the issue, as the assessee has not specifically pleaded the matter before the Ld.Commissioner of Income Tax (Appeals), we find no infirmity in his order. In the result this gro....

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....489/- credited to P&L a/c as business income. 2 . The Ld.AO has erred in law and on facts and under the circumstances of the case by applying s.115 JB of the Income Tax Act and accordingly computed the Minimum Alternate Tax. Each ground of appeal is independent of the other ground. That the appellant reserves its right to add, delete or amend the grounds of appeal, before or at the time of hearing of the appeal." 12. The Ld.Commissioner of Income Tax (Appeals') at para 4.02 and 4.03 of his order at page 12, followed the order of its predecessor in the Assessment Year 2004-05. The order of the Ld.Commissioner of Income Tax (Appeals') for the Assessment Year 2004-05 has been upheld by the Tribunal in ITA 1001/Chd/2009 by Delhi 'C' Be....