2014 (6) TMI 701

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Agarwal ORDER   Per N. K. Billaiya, AM: This appeal by the assessee is directed against the order of the Ld. CIT(A)-5, Mumbai dt.26.11.2010 pertaining to A.Y. 2007-08. 2. The notice was served to the assessee through RPAD but none appeared on behalf of the assessee. Therefore, we have decided to proceed ex-parte after hearing the Ld. Departmental Representative. 3. The grie....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d that the assessee has shown Rs. 27,54,000/- being rent received from Corporation bank under the head 'business income'. Drawing support from the decision of the Hon'ble Supreme Court in the case of CIT Vs Shambhu Investments Pvt. Ltd. 263 ITR 143, the AO treated the rent received from Corporation Bank under the head 'income from house property'. The rent shown was increased by 10%. The AO denied....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is concerned, the Ld. CIT(A) observed that the assessee has no other income other than rent income therefore there is no question of allowance of expenditure. 6. Aggrieved by this, the assessee is before us. 7. In so far as the addition of Rs. 2,75,400/- is concerned, we find that the AO has increased the rent received from Corporation bank by 10% without any basis. As there is no basis for ....