2010 (4) TMI 1027

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....llenged the impugned order of the ld CIT(A)-XII, Mumbai dated 27.2.2009 for the assessment year 2006-07. 2 The revenue has taken the following effective grounds: i) On the facts and circumstances of the case and in law, whether the ld CIT(A) is right in directing the AO to tax the rental income at ₹ 4,59,81,702/- as income from the business instead of 'income from the house property.' I(a....

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....ing the course of assessment proceedings, it was noticed by the AO that the assessee declared receipt of ₹ 4.59 crores under the head 'rental income' and the same has been claimed as 'income from house property.' The assessee had also claimed deduction towards municipal tax and maintenance charges and 30% towards repairs u/s 24 and also amount of interest paid and thereby declared net income....

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.... 2002-03 to 2004-05 in assessee's own case decided in ITA Nos. 5232 to 5234/Mum/07 dated 26.2.2009 and submitted that in subsequent years also the Tribunal has held that rental income has to be assessed as income from the house property and the appeal filed by the revenue for the above referred three years have been dismissed by the Honble Bombay High Court. 5 We have perused the orders cited sup....

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....the assessee had claimed deduction in respect of the interest on the borrowed capital. It is argued that in the P&L account, the assessee had debited interest of ₹ 69,77,030/- and in the computation statement, the assessee had claimed the said deduction when the rental income is determined under the head 'income from house property'. The ld Counsel further submitted that in the assessment or....