TaxTMI 
TaxTMI 
2014 (6) TMI 701
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....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 grievance of the assessee read as under: "1. On th....
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....ent 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 the deduction of payment of Municipal tax stating th....
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....as 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 increasing the rent, we do not find any reason for making the....