2014 (1) TMI 931

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....rom 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/- and unabsorbed depreciation of Rs.19,55,1891/- of earlier years. 3. Against the returned income of R....

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....f 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 ground of the assessee is dismissed. 9. Ground no.2 is on the issue whether S.115 JB of the Act applies to the assessee. T....